Viridian slides as Amgen data raises competition fears

Shares of drug developer Viridian Therapeutics VRDN.O fall 25.5% to $14.02

Amgen AMGN.O says late-stage study showed its thyroid eye disease (TED) drug Tepezza was effective when given by subcutaneous injection to patients

The trial met its main goal, with 76.7% of patients on subcutaneous Tepezza showing a significant reduction in eye bulging at 24 weeks, compared with 19.6% on placebo - AMGN

Viridian shares had slumped 34% last week after its experimental TED drug lagged rivals on efficacy in a late‑stage trial, despite meeting its primary endpoint

RBC Capital Markets says while Amgen appears to have an edge on efficacy, Viridian's elegrobart could still compete on convenience, requiring as few as four total subcutaneous injections over 24 weeks, compared with Tepezza’s on‑body injector, which delivers the drug every two weeks over the same period

Including session's moves, VRDN down 51% YTD, while AMGN is up 5.9%