By Kit Norton

Viridian Therapeutics stock sank Monday following Amgen's announcement of encouraging results in a Phase 3 trial for a new treatment of thyroid eye disease.

Viridian Therapeutics, the Massachusetts-based biotech company, is currently developing its own "subcutaneous" thyroid eye disease treatment, called Elegrobart. At the end of March the company announced "positive topline data" from a Phase 3 clinical trial on Elegrobart.

Amgen reported that its product, Tepezza, met its primary and key secondary endpoints in moderate to severe active thyroid eye disease. The company added that the treatment, known as Tepezza OBI and administered in a subcutaneous form, achieved efficacy that is comparable with the intravenous version. Subcutaneous injections deliver medication into the fatty tissue layer between the skin and muscle.

Amgen added that Tepezza OBI safety results were broadly consistent with the intravenous version of Tepezza.

The Food and Drug Administration approved intravenous Tepezza in 2020 for treatment of active thyroid eye disease, a rare autoimmune condition causing eye-bulging, double vision, and inflammation. Tepezza is currently the only FDA-approved medication for the condition.

Viridian Therapeutics fell 26% to $13.97 on Monday and was now on pace to be down more than 50% on the year at the closing bell. Amgen stock fell 0.9% to $344.80 on Monday.

Write to Kit Norton at kit.norton@barrons.com

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April 06, 2026 12:10 ET (16:10 GMT)

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