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AVIDITY BIOSCIENCES, INC.

(RNA)
  Report
Delayed Nasdaq  -  04:00 2022-12-02 pm EST
11.63 USD   +4.68%
11/09Credit Suisse Adjusts Avidity Biosciences' Price Target to $33 From $32, Keeps Outperform Rating
MT
11/09Raymond James Adjusts Price Target on Avidity Biosciences to $30 From $29, Maintains Strong Buy Rating
MT
11/08AVIDITY BIOSCIENCES, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)
AQ
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Avidity Biosciences Shares Slide on Partial FDA Study Hold

09/27/2022 | 08:12am EST

By Colin Kellaher


Shares of Avidity Biosciences Inc. tumbled more than 20% on Tuesday after the U.S. Food and Drug Administration placed a partial clinical hold on a Phase 1/2 study of its lead product candidate.

The San Diego biopharmaceutical company said the partial hold, which came after one participant suffered a serious adverse event, stops enrollment of new study participants.

Avidity said current participants in the study of AOC 1001 in adults with the genetic disorder myotonic dystrophy type 1 can continue treatment, and that it is working to assess the cause of the adverse event and to resolve the partial hold.

Evercore ISI analyst Josh Schimmer said the partial hold adds a wrinkle to the study, but that it sounds transient.

In a research note, the analyst said the cause of the hold seems to have a limited impact, as the FDA also gave Avidity the green light to proceed with studies of AOC 1020 for the treatment of facioscapulohumeral muscular dystrophy and AOC 1044 in Duchenne muscular dystrophy.

Mr. Schimmer said he is currently making no changes to his outperform rating and $35 price target on Avidity shares, which were recently changing hands at $14.42, down 23%.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

09-27-22 1012ET

Stocks mentioned in the article
ChangeLast1st jan.
AVIDITY BIOSCIENCES, INC. 4.68% 11.63 Delayed Quote.-51.07%
EVERCORE INC. 0.26% 115.48 Delayed Quote.-14.99%
All news about AVIDITY BIOSCIENCES, INC.
11/09Credit Suisse Adjusts Avidity Biosciences' Price Target to $33 From $32, Keeps Outperfo..
MT
11/09Raymond James Adjusts Price Target on Avidity Biosciences to $30 From $29, Maintains St..
MT
11/08AVIDITY BIOSCIENCES, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ..
AQ
11/08Avidity Biosciences, Inc. Reports Earnings Results for the Third Quarter and Nine Month..
CI
11/08Avidity Biosciences Reports Third Quarter 2022 Financial Results and Recent Highlights
PR
11/01Avidity Biosciences to Participate in Upcoming Investor Conferences
PR
10/13Avidity Biosciences, Inc. : Other Events (form 8-K)
AQ
10/13Avidity Biosciences, Inc. Announces Planned Explore44 Trial of AOC 1044 in Healthy Volu..
CI
10/11Avidity Biosciences Launches Phase 1/2 trial of AOC 1044 to Treat Duchenne Muscular Dys..
MT
10/11Avidity Biosciences Announces Phase 1/2 EXPLORE44™ Trial of AOC 1044 for Duchenne..
PR
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Financials (USD)
Sales 2022 8,64 M - -
Net income 2022 -173 M - -
Net cash 2022 371 M - -
P/E ratio 2022 -3,47x
Yield 2022 -
Capitalization 633 M 633 M -
EV / Sales 2022 30,4x
EV / Sales 2023 57,9x
Nbr of Employees 125
Free-Float 93,4%
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Mean consensus BUY
Number of Analysts 8
Last Close Price 11,63 $
Average target price 37,86 $
Spread / Average Target 226%
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Managers and Directors
Sarah Boyce President, Chief Executive Officer & Director
Michael F. MacLean Chief Financial & Accounting Officer
Troy E. Wilson Non-Executive Chairman
Arthur A. Levin Chief Scientific Officer
W. Michael Flanagan Chief Technical Officer
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