Stupidly trusted man touched by alchemy? (10)

I believe the answer is:

transmuted

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'touched by alchemy?' is the definition.
The answer and definition can be both related to change as well as being past participle verbs.
Perhaps you can see an association between them that I can't see?

'stupidly trusted man' is the wordplay.
'stupidly' indicates anagramming the letters (a stupid ordering of the letters).
'trusted'+'man'='trustedman'
'trustedman' with letters rearranged gives 'TRANSMUTED'.

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I've seen this clue in The Times.

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