Viridian Therapeutics (VRDN)
Enters commercial stage with Lumvoa, an intravenous IGF-1R antibody for thyroid eye disease.
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Markets Lumvoa, an intravenous IGF-1R antibody approved for thyroid eye disease in the US, while its subcutaneous next-generation follow-on elegrobart has completed Phase 3 trials. Two early-stage FcRn inhibitors extend the pipeline into autoimmune conditions beyond TED; Japan rights to both lead assets are out-licensed to Kissei Pharmaceutical.
Lumvoa (veligrotug-vvze) is administered as five intravenous infusions over twelve weeks; its label covers both active and chronic forms of thyroid eye disease. The mechanism — blocking the insulin-like growth factor-1 receptor (IGF-1R) — was established in the US market before Lumvoa's approval.
Elegrobart, a subcutaneous half-life-extended IGF-1R antibody, completed Phase 3 trials with positive topline results and is targeted for a BLA filing in 2027. Two early-stage FcRn inhibitors, VRDN-006 and VRDN-008, address autoimmune conditions driven by elevated IgG.
Japan rights to veligrotug and elegrobart are out-licensed to Kissei Pharmaceutical; global rights elsewhere remain with the company. Revenue depends on the US Lumvoa launch and on EMA and other ex-Japan regulatory outcomes for the veligrotug MAA currently under review.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 22, 2026 | RBC Capital | Reiterate | Rating: —Target: $36 | Target: $38 |
| Aug 7, 2026 | Truist Financial | Target | Target: $38 | Target: $39 |
| Aug 7, 2026 | RBC Capital | Reiterate | Rating: —Target: $34 | Target: $36 |
| Jun 30, 2026 | Truist Financial | Target | Target: $35 | Target: $38 |
| Jun 30, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $40 | Target: $39 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $981.5M · Total debt $242.9M · Total assets $1.10B · Shareholders' equity $662.1M
- Revenue
- $284.0K
- Operating income
- −$126.3M
- Net income
- −$127.1M
No dividends on record.
| Institutions | 120.80% | 136.86M shares | |
|---|---|---|---|
| 227 holders · as of Jun 30, 2026 | |||
| Insiders | 0.09% | 104.6K shares | |
| 5 holders · as of Aug 20, 2026 | |||
| Adds to | 120.89% | ||
113.29M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 120.89%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 14.66% | 16.60M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.55% | 8.55M | as of Jun 30, 2026 |
Bellevue Group AGInstitution | 5.94% | 6.73M | as of Jun 30, 2026 |
Paradigm Biocapital Advisors LPInstitution | 5.93% | 6.72M | as of Jun 30, 2026 |
Kynam Capital Management, LPInstitution | 5.70% | 6.45M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Jennifer Tousignant | officer: Chief Legal Officer | −10,000 | $24.50 |
| May 11, 2026 | Fairmount Funds Management LLC | director, 10 percent owner: | +1,176,470 | $17.00 |
| Dec 31, 2025 | Jennifer Tousignant | officer: Chief Legal Officer | −2,272 | $31.16 |
| Oct 23, 2025 | Fairmount Funds Management LLC | director, 10 percent owner: | +454,545 | $22.00 |
- Amgen
Tepezza incumbency dominates the head-to-head TED battlefield against Lumvoa.
- argenx (ADR)
FcRn class pioneer with efgartigimod also entering TED development.
- Johnson & Johnson
FcRn rival via IMAAVY, with broad autoimmune indication ambitions.
- United Community Banks
Approved subcutaneous FcRn Rystiggo sets a second commercial benchmark in gMG.
- Immunovant
Pure-play FcRn peer pivoting to IMVT-1402 after batoclimab discontinuation.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Viridian Therapeutics | $21.44 | −3.10% | $2.51B | — | — | 35.2 | +278.7% |
| Amgen | $408.74 | −0.37% | $221.41B | 25.5 | 17.4 | 5.8 | +9.7% |
| argenx (ADR) | $950.93 | −1.33% | $59.94B | 36.7 | — | 10.0 | +197.0% |
| Johnson & Johnson | $270.04 | +0.32% | $648.72B | 31.2 | 22.8 | 6.6 | +6.6% |
| United Community Banks | $34.06 | −0.38% | $4.09B | 11.2 | 10.8 | 2.6 | +9.8% |
| Immunovant | $33.91 | −9.08% | $7.70B | — | — | 1,084.8 | — |
| Median | 28.3 | 17.4 | 6.6 | +9.7% |