(RTTNews) - Shares of Viridian Therapeutics, Inc. (VRDN) are moving down about 31 percent on Monday morning trading despite announcing positive topline data from the elegrobart REVEAL-1 phase 3 clinical trial in patients with active thyroid eye disease.
The study met its primary endpoint of Q4W proptosis responder rate or PRR with a highly statistically significant treatment effect. Additionally, Elegrobart Q4W and Q8W achieved clinically meaningful 54% and 63% PRR versus 18% placebo at week 24.
The company expects topline data from REVEAL-2 for patients the second pivotal phase 3 clinical trial of elegrobart, in the second quarter of 2026. Meanwhile, it anticipates submitting a Biologics License Application to the U.S. FDA for elegrobart in the first quarter of 2027.
Currently, VRDN is trading at $18.69, down 31.79 percent on the Nasdaq. The stock opened today's trading session at $17.00 and has moved as high as $19.00 so far. It has traded between $9.90 and $34.29 in the past one year.
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