VRDN Stock Falls To 9-Month Lows – What’s The Amgen Connection?

• Amgen’s Phase 3 trial met its primary goal, with 77% of patients showing a strong improvement in eye bulging.
• Stifel analyst Alex Thompson noted the higher proptosis rate but said Viridian’s Elegrobar could better stand out in the market.
• Elegrobart reduced eye bulging by about 54% with the four-week regimen and 63% with the eight-week regimen.

Shares of Viridian Therapeutics (VRDN) plunged 23% on Monday to their lowest since June 3, 2025, extending a sharp selloff that began on March 30.

Viridian shares had crashed last Monday after the firm reported the Phase 3 results for Elegrobart in thyroid eye disease. While the study met its primary goal, showing strong reductions in eye bulging compared with placebo, improvements in inflammation were limited, and there were also reports of tinnitus.

Why Did The Stock Crash Today?

VRDN shares fell after Amgen reported positive results from a Phase 3 trial of Tepezza for thyroid eye disease. The study met its main goal, with 77% of patients showing a strong improvement in eye bulging over 24 weeks.

Following the results, Stifel analyst Alex Thompson said Amgen’s Phase 3 results, with a 77% rate of proptosis response, were higher than Viridian’s Elegrobar, according to The Fly. However, Thomson noted that Viridian’s drug uses a simpler subcutaneous injection instead of an on-body infusion, which could help it stand out in the market. The analyst maintained a ‘Buy’ rating on Viridian shares.

The Viridian REVEAL-1 trial met its main and key secondary goals at week 24. The study tested two dosing schedules, every four weeks and every eight weeks, against a placebo. Elegrobart reduced eye bulging by about 54% with the four-week regimen and 63% with the eight-week regimen, compared to roughly 18% for placebo.

Topline results from REVEAL-2, the second Phase 3 trial in chronic thyroid eye disease, are expected in the second quarter (Q2) of 2026. The company plans to submit a Biologics License Application (BLA) to the FDA in the first quarter (Q1) of 2027.

How Did Retail Traders React?

Retail sentiment on Stocktwits changed to ‘bullish’ from ‘extremely bullish’ a day earlier, amid ‘extremely high’ message volumes.

Chatter was largely positive despite the intraday slump, with one user calling the selloff “overdone.”

Another user expects the stock to climb to $25 by the end of the week. It is currently trading below $15.

Year-to-date, the stock has slumped more than 50%.

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