Avidity’s stock rallies 39% on new RNA data

Shares of Avidity Biosciences Inc.
RNA,
-4.52%
soared 39% in premarket trading on Wednesday after the company said its experimental RNA therapy, when injected into the muscle, has potential as a treatment for myotonic dystrophy type 1, a sometimes fatal neuromuscular disease. The Phase 1/2 clinical trial is the first time that RNA has been delivered into the muscle in humans, Avidity said. “We are highly encouraged by ‘1001’s early clinical profile and see positive readthrough to RNA’s [Antibody Oligonucleotide Conjugates] platform broadly,” SVB Securities analyst Joseph Schwartz told investors on Wednesday. Avidity’s stock has declined 53.8% since the start of the year, while the broader S&P 500
SPX,
+0.73%
is down 15.6%.