This Fund Just Cut a Viridian Stock Position by Over $80 Million. Here's What Investors Should Know

Kynam Capital Management trimmed its stake in Viridian Therapeutics (NASDAQ:VRDN), selling 2,957,386 shares in the fourth quarter, an estimated $81.11 million transaction based on quarterly average pricing, according to a February 17, 2026, SEC filing.

What happened

According to a filing with the U.S. Securities and Exchange Commission dated February 17, 2026, Kynam Capital Management reduced its holding in Viridian Therapeutics by 2,957,386 shares during the fourth quarter. The estimated transaction value is $81.11 million, calculated using the average closing price for the quarter. The value of the Viridian stake at quarter-end declined by $49.79 million, a figure that includes both trading and market price effects.

What else to know

• The fund sold shares, bringing its Viridian stake to 2.92% of 13F reportable assets under management.
• Top five holdings after the filing:
  • NASDAQ:COGT: $218.99 million (14.3% of AUM)
  • NASDAQ:VERA: $173.85 million (11.3% of AUM)
  • NASDAQ:SNDX: $169.15 million (11.0% of AUM)
  • NASDAQ:CLDX: $161.42 million (10.5% of AUM)
  • NASDAQ:PCVX: $134.84 million (8.8% of AUM)
• As of Friday, Viridian shares were priced at $26.98, up 76% over the past year and well outperforming the S&P 500’s roughly 15% gain in the same period.

Company overview

Company snapshot

• Viridian Therapeutics develops monoclonal antibody therapies, with a current focus on treatments for thyroid eye disease (TED), including lead candidates VRDN-001, VRDN-002, and VRDN-003.
• The company’s business model is centered on research and development of novel biologics, advancing candidates through clinical trials to achieve regulatory approval and future commercialization.
• Viridian primarily targets healthcare providers and patients affected by serious diseases, with an emphasis on the biotechnology market.

Viridian Therapeutics, Inc. is a clinical-stage biotechnology company specializing in the development of innovative antibody-based therapies for serious diseases. With a pipeline led by candidates targeting thyroid eye disease, the company leverages advanced monoclonal antibody technology to address unmet medical needs. Viridian’s strategy is rooted in scientific expertise and a focus on high-value specialty markets, positioning it to compete in the evolving biotechnology sector.

What this transaction means for investors

When a biotech position balloons this quickly, trimming becomes less about conviction and more about control. Viridian had turned into one of the fund’s core bets, with nearly $100 million worth of holdings. But after a staggering stock run over the past year, this trim seems like an effort to right-size risk without walking away from the story entirely.

Viridian heads into a pivotal stretch with a June 30 PDUFA date for veligrotug, plus multiple Phase 3 readouts for its follow-on candidate VRDN-003 expected this year. At the same time, it is spending heavily to get there, with research and development costs climbing to nearly $339 million and a full-year net loss of about $343 million. That said, the balance sheet helps offset that risk, with roughly $875 million in cash at year-end. For long-term investors, this remains a high-conviction pipeline story, but one now sized more appropriately after a major run. Upcoming data will play a pivotal role in how the performance holds up.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.