Kopp Family Office Slashes Viridian Therapeutics Stake Amid Competitive Pressure

Kopp Family Office, LLC has significantly trimmed its exposure to Viridian Therapeutics (VRDN), selling 117,878 shares during the first quarter. The transaction, valued at approximately $3.5 million based on quarterly average pricing, reduced the firm's holding from 3.4% to just 0.7% of its total reportable assets under management, moving the position out of the fund's top five holdings. The divestment comes as Viridian faces a challenging competitive landscape in the rare disease market. The company's shares have plummeted more than 50% since mid-March, underperforming the broader market by over 28 percentage points over the last year. This decline is largely attributed to a shift in the competitive narrative surrounding subcutaneous therapies. Recent Phase 3 REVEAL-1 data for Viridian's subcutaneous candidate, elegrobart, met primary endpoints but raised concerns regarding limited inflammation improvement and reports of tinnitus. This was further compounded by Amgen's report of a 77% proptosis response rate for its subcutaneous Tepezza, which numerically outperformed elegrobart's 54% to 63% response rates. On the financial front, Viridian continues to spend heavily to reach commercialization, reporting a net loss of $343 million for the full year 2025, compared to $270 million the previous year. However, the company ended 2025 with a strong cash position of roughly $875 million, supported by a royalty financing deal with DRI Healthcare. While some analysts maintain bullish targets based on elegrobart's more convenient dosing schedule, the market has reacted sharply to the competitive threat from Amgen. The Kopp Family Office's reduction in exposure appears to be a move toward portfolio discipline, shifting away from a high-risk, event-driven satellite position toward a more conservative, index-oriented strategy.