Viridian plunges after thyroid eye disease drug falls short of expectations

Shares of drug developer Viridian Therapeutics VRDN.O fall 37.60% to %17.09 premarket

Co says its drug, elegrobart, met the main goal in a late-stage study in patients with active thyroid eye disease, an autoimmune condition that affects the tissues around the eyes

Patients receiving elegrobart every four weeks and every eight weeks showed placebo-adjusted proptosis, or eye-bulging, improvement rates of 36% and 45%, respectively - VRDN

Jefferies analyst Faisal Khurshid says 36% and 45% placebo-adjusted response rates came in below investor expectations of above 50%, while the double-vision data were harder to read and safety appeared acceptable

Adds there could be "fierce investor debate on commercial feasibility" as efficacy of the drug, elegrobart, fell short of rivals

VRDN shares were up over 62% in 2025