Viridian Therapeutics (VRDN) stock crashed Monday on "positive, but lackluster" final-phase results for its thyroid eye disease treatment.
Thyroid eye disease causes inflammation and swelling of the eye muscles and fat, leading to proptosis, or eye bulging. More than a third, or 36%, of patients given under-the-skin shots of Viridian's elegrobart every four weeks showed an improvement in proptosis. In the every-eight-weeks dosing group, 45% of patients responded.
On average, patients in the first group had 1.52-millimeter and 1.69-millimeter improvements in proptosis.
But the results confounded investors and Viridian stock plummeted more than 36% to 17.50 in premarket trades.
"The less frequent regimen delivered a better profile between the two," Oppenheimer analyst Leland Gershell said in a report. "But we are underwhelmed by the overall efficacy profile of both."
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