Avidity Biosciences, Inc. Stock Price, News & Analysis

Avidity Biosciences, Inc. (Nasdaq: RNA) announced its participation in the Cowen 43rd Annual Healthcare Conference on March 7 at 8:10 a.m. PT / 11:10 a.m. ET. A live webcast will be available on the 'Events and Presentations' page of Avidity's website, providing up-to-date details and an archived replay. Avidity is focused on developing a new class of RNA therapeutics, known as Antibody Oligonucleotide Conjugates (AOCs™), and currently has three programs in clinical development targeting various muscular dystrophies. The company aims to address previously untreatable diseases through its innovative therapies.

Avidity Biosciences, Inc. (RNA) announced its fourth quarter and full-year 2022 financial results, reporting cash and cash equivalents of $610.7 million. The company advanced three rare disease programs and successfully delivered RNA to muscle for the first time.

Collaboration revenue increased from $1.9 million in Q4 2021 to $2.7 million in Q4 2022. However, R&D expenses surged by 38% year-over-year, totaling $150.4 million for 2022, reflecting its ongoing clinical trials. General and Administrative expenses also grew significantly.

Looking forward, Avidity expects important data releases from its clinical trials in 2023, bolstering its pipeline and platform development.

Avidity Biosciences, Inc. (Nasdaq: RNA) announced the expansion of its internal pipeline with new research programs targeting skeletal muscle and cardiology. The company is advancing three Phase 1/2 clinical programs for rare diseases: AOC 1001 (myotonic dystrophy type 1), AOC 1020 (facioscapulohumeral muscular dystrophy), and AOC 1044 (Duchenne muscular dystrophy). Avidity's proprietary AOC platform combines monoclonal antibodies and oligonucleotide therapies, aiming to address previously untreatable conditions. Collaborations with Eli Lilly and MyoKardia further enhance this initiative, although Avidity has decided not to pursue projects in muscle atrophy and Pompe disease.

Avidity Biosciences, Inc. (Nasdaq: RNA) has made significant leadership changes as part of its strategy to enhance its RNA therapeutic development. Dr. Arthur A. Levin transitions from Chief Scientific Officer to a member of the board of directors while continuing his role as a distinguished scientist. Dr. W. Michael Flanagan has been promoted to Chief Scientific and Technical Officer, emphasizing his crucial technical expertise. This leadership adjustment aims to strengthen Avidity's mission of advancing Antibody Oligonucleotide Conjugates (AOCs) and expanding its clinical programs, including ongoing trials for myotonic dystrophy type 1, facioscapulohumeral muscular dystrophy, and Duchenne muscular dystrophy.

Avidity Biosciences, Inc. (NASDAQ: RNA) announced on February 20, 2023, that its Compensation Committee granted stock options and restricted stock units (RSUs) to three new non-executive employees. The total awards comprise 27,400 stock options and 13,700 RSUs as part of the 2022 Employment Inducement Incentive Award Plan, aimed at attracting new talent. The options have an exercise price of $25.65 per share, equating to Avidity's closing stock price on February 17, 2023. The stock options will vest over four years, while the RSUs will vest in four equal installments on the anniversaries of the grant date, dependent on ongoing employment.

Avidity Biosciences (Nasdaq: RNA) has announced that the FDA granted Orphan Drug designation to AOC 1020 for treating facioscapulohumeral muscular dystrophy (FSHD), a severe genetic disorder causing progressive muscle weakness. This designation aims to facilitate the development of treatments for rare diseases affecting fewer than 200,000 people in the U.S. AOC 1020 is currently in the Phase 1/2 FORTITUDE clinical trial, with preliminary data expected in mid-2024. The drug targets the DUX4 gene, the root cause of FSHD, and offers market exclusivity, fee exemption, and tax credits for clinical trials upon regulatory approval.

Avidity Biosciences, Inc. (Nasdaq: RNA) announced its participation in the SVB Securities Global Biopharma Conference scheduled for February 14 at 1:20 p.m. PT / 4:20 p.m. ET. The event can be accessed via a live webcast on the company's Investors page. Avidity is focused on developing a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), aimed at treating diseases like myotonic dystrophy and facioscapulohumeral muscular dystrophy. Currently, several AOCs are undergoing clinical trials, furthering their innovative approaches in RNA therapy.

Avidity Biosciences (RNA) announced on January 20, 2023, that its Compensation Committee granted stock options and restricted stock units (RSUs) to three new non-executive employees. The awards include 12,350 stock options priced at $22.47 per share, equivalent to the stock's closing price on the grant date, and 6,175 RSUs. These awards are part of Avidity's 2022 Employment Inducement Incentive Award Plan, designed to attract new talent under Nasdaq Listing Rule 5635(c)(4). The stock options will vest over four years, while the RSUs will vest in four equal installments annually.