Viridian Therapeutics Stock Up 75%, but One Fund Just Sold Off Its $69 Million Stake

On February 17, 2026, Commodore Capital disclosed in an SEC filing that it sold out its entire 3,200,000-share position in Viridian Therapeutics (VRDN +2.40%), an estimated $69.06 million transaction based on last-disclosed position values.

What happened

According to a filing with the Securities and Exchange Commission dated February 17, 2026, Commodore Capital reported selling its entire 3,200,000-share stake in Viridian Therapeutics. The net position change for the quarter was $69.06 million, reflecting the removal of the holding from the portfolio.

What else to know

• The liquidation of Viridian Therapeutics reduced its weighting from 3.4% of 13F AUM in the prior quarter to zero after the filing.
• Top holdings after the filing:
  • NASDAQ: RLAY: $143.82 million (9.6% of AUM)
  • NASDAQ: ALKS: $99.33 million (6.6% of AUM)
  • NASDAQ: TYRA: $88.73 million (5.9% of AUM)
  • NASDAQ: XENE: $80.68 million (5.4% of AUM)
  • NASDAQ: SYRE: $78.24 million (5.2% of AUM)
• As of February 17, 2026, shares of Viridian Therapeutics were priced at $28.29, up 75% over the prior year and well outperforming the S&P 500.

Company overview

Company snapshot

• Viridian Therapeutics develops monoclonal antibody therapies, including VRDN-001, VRDN-002, and VRDN-003, primarily targeting thyroid eye disease (TED).
• The company generates revenue through the development and potential commercialization of novel biologic drugs, with a focus on advancing clinical-stage assets for rare and serious diseases.
• Primary customers are healthcare providers and patients affected by TED and related conditions, with a focus on the biotechnology and specialty pharmaceutical markets.

Viridian Therapeutics, Inc. is a clinical-stage biotechnology company specializing in the development of innovative antibody-based therapies for serious diseases, with a lead focus on thyroid eye disease. The company leverages expertise in monoclonal antibody engineering to advance its pipeline and address unmet medical needs in rare disorders. With a growing portfolio and a targeted approach to specialty markets, Viridian aims to establish a competitive position in the biotechnology sector through differentiated therapeutics and clinical progress.

What this transaction means for investors

Biotech portfolios are built on conviction, but they are also built on timing. When a manager clears out a full position ahead of major catalysts, it’s certainly something to take note of.

To be fair, Viridian enters 2026 with plenty of potential catalysts. The FDA accepted veligrotug’s BLA for thyroid eye disease with a June 30 PDUFA date under Priority Review, and topline Phase 3 data for subcutaneous elegrobart are due in the first half of the year. The company ended October with about $888 million in cash and investments and says it expects to fund operations through profitability. Plus, shares at $28.29 are up roughly 75% over the past year.

So why would Commodore step aside? Within this portfolio, capital remains concentrated in clinical-stage names such as Relay at roughly 10% of assets, Alkermes at 7%, and Tyra at 6%. But removing a 3.4% weight suggests either valuation discipline after a strong run or a preference for other pipelines.

Ultimately, the move looks like it’s about risk calibration. Viridian is now moving into a catalyst-heavy year. Approval and clean data could validate the rally. Any stumble would reset expectations quickly.