Avidity Biosciences hits fresh record after upsized equity raise

Avidity Biosciences

14/06/2024 15:34

** Shares of Avidity Biosciences  RNA.O  hit fresh record
high on Fri after co raises more equity than planned
    ** RNA rises as much as 5.1% to $42. Stock last up 0.2% at
$40.05
    ** Co late Thurs announced pricing of 10.55 mln shares at
$38 for ~$401 mln gross proceeds
    ** It intends to use net proceeds to fund development of its
clinical programs, advance R&D associated with AOC (Antibody
Oligonucleotide Conjugates) platform, and for other purposes
    ** RNA on Weds finished up ~33% at $38.36 after co's muscle
disorder drug, delpacibart braxlosiran (AOC 1020), showed
functional improvement in patients enrolled in an
early-to-mid-stage study
    ** After the bell Weds, co launched $300 mln stock offering
    ** Co has ~95.6 mln shares outstanding for $3.8 bln market
value
    ** Stock ended 2023 at $9.05. Co went public in 2020 IPO
priced at $18
    ** TD Cowen, Leerink, Cantor, Barclays and Wells Fargo are
jt bookrunners for latest stock offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))