Avidity Biosciences gains on brokerage upgrade to 'outperform'

Hanall Biopharma

22/05/2023 18:06

** Avidity Biosciences Inc's  RNA.O  shares up 6.8% at
$11.60
    ** Brokerage Evercore ISI upgrades stock to "outperform"
from "in line" 
    ** U.S. FDA, earlier in the month, eased partial clinical
hold on Avidity's muscle disorder drug AOC 1001
    ** RNA shares have declined to a valuation that adequately
reflects the safety risk of drug - brokerage
    ** The drug is being studied in patients with myotonic
dystrophy type 1, which is characterized by progressive muscle
wasting and weakness
    ** In September 2022, FDA placed a partial clinical hold on
all new participant enrollments for AOC 1001 due to rare serious
adverse event seen in a patient during the study
    ** FDA allows new participant enrollment for AOC 1001 at 2
mg/kg 
    ** Brokerage says "now it's a matter of ensuring a suitable
therapeutic window and optimizing dosing"
    ** YTD Avidity shares down 47.9%, including session's gains

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com))