Shares of Viridian Therapeutics (NASDAQ: VRDN) were down more 14% as of 11:40 a.m. on Tuesday after the company announced preliminary results from a phase 2 trial for a chronic thyroid eye disease (TED) therapy. The stock is down more than 27% this year.

Viridian is a clinical-stage biotech that focuses on therapies to treat rare diseases and immune disorders. On Monday, it announced what it said were positive phase 2 results for VRDN-001 in a proof-of-concept trial for chronic TED. The therapy is also in a phase 3 trial to treat patients with active TED.

In the results, the company said the therapy had a strong safety profile and helped patients reduce proptosis (bulging eyes). But 5 out of the 12 VRDN-001 treated patients across both dose cohorts had double vision at baseline, and none of the patients treated with VRDN-001 achieved complete resolution of double vision by week 6.

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Source Fool.com