One of Viridian’s (NASDAQ:VRDN) more than 10% owners, Fairmount Funds Management LLC, recently undertook a huge buy transaction worth $10 million. Investors should note that Peter Harwin and Tomas Kiselak serve as directors on VRDN’s board and are also managing members of Fairmount Funds Management.
The biopharmaceutical company is focused on developing novel therapies for patients with hormone-related diseases and conditions.
Insider’s Move in Detail
As per the SEC filing, the insider bought 476,190 shares of VRDN on January 22 at an average price of $21 per share. After the latest purchase, the total value of its holdings in VRDN stock now stands at about $34.96 million.
It is worth highlighting that the shares purchased are part of Viridian’s underwritten public offering, which includes 7.14 million shares, with gross proceeds totaling about $150 million. VRDN plans to use the proceeds from this offering to advance its clinical development programs.
Investors could keep close track of these notable insider activities, as they reflect the perceptions of key insiders about the company’s prospects. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
What is the Price Target for VRDN Stock?
Following the company’s share offering, Wedbush analyst Laura Chico reiterated a Buy rating on VRDN stock but lowered the price target to $39 from $40. The analyst expects at least two more fundraising rounds as Viridian progresses with the trials of thyroid eye disease assets, VRDN-001 and VRDN-003.
Overall, analysts have a Strong Buy consensus rating on VRDN stock based on 13 unanimous Buys assigned in the past three months. Furthermore, the average Viridian stock price target of $37.75 per share implies a 101.01% upside potential. Shares of the company have gained about 61% over the past three months.
