Avidity Biosciences jumps as Evercore starts coverage with 'outperform'

Hanall Biopharma

07/09/2021 17:07

** Shares of biopharma co  RNA.O  rise as much as 7.8% to
$20.75
    ** Evercore starts with "outperform" rating and PT of $50,
more than double stock's trading price, citing co's
well-positioned approach for developing treatments of genetic
muscle diseases 
    ** Brokerage says co's platform expands spectrum of diseases
treated with RNA inhibition, a form of gene-silencing
technology, to those affecting muscle 
    ** In late august, FDA cleared co to start early-stage study
of its lead drug AOC 1001 - brokerage sees data from this trial
as catalyst for co in 2022 (nPn36LmRJa) 
    ** Evercore sees "plenty of room" for number of co's
treatment options to be commercially successful
    ** All 6 brokerages covering stock rate it "buy" or higher;
their median PT is $50
    ** Up to Friday's close, RNA down ~25% YTD vs ~14% increase
in Nasdaq Biotechnology Index  .NBI  

    



 (Reporting by Bhanvi Satija)
 ((Bhanvi.Satija@thomsonreuters.com;))