Avidity Biosciences, Inc. Stock Price, News & Analysis

Avidity Biosciences (RNA) reported Q3 2020 financial results, highlighting a strong cash position of $341 million, significantly up from $94.6 million at the end of 2019, thanks to its IPO. Collaboration revenue increased to $1.7 million from $0.7 million year-over-year, while R&D expenses rose to $9.5 million due to advancements in AOC 1001, aimed at treating myotonic dystrophy type 1. The company is focused on launching clinical studies for this therapy and expanding research into new tissues targeted by its innovative AOC platform.

Avidity Biosciences (Nasdaq: RNA) will present at the Credit Suisse 29th Annual Virtual Healthcare Conference 2020 on November 12, 2020, at 8:45 am PST. Sarah Boyce, the President and CEO, will lead the presentation in a virtual format. A live webcast will be available on the company's website, with an archived replay accessible for one year. Avidity is focused on developing innovative oligonucleotide-based therapies, including their lead candidate AOC 1001 for treating myotonic dystrophy type 1, as well as therapies for muscle atrophy and other serious diseases.

Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company, will participate in the Chardan 4th Annual Genetic Medicines Conference 2020. The event is scheduled for October 5, 2020, at 12:45 pm PDT, featuring a fireside chat with key executives including CEO Sarah Boyce and CFO Mike MacLean. Additionally, Dr. Arthur Levin will join a panel on Small RNA Therapies on October 6, 2020, at 12:00 pm PDT. The conference will be held virtually, and a live webcast will be available on the company's website with a 90-day replay available.

Avidity Biosciences (Nasdaq: RNA) announced its participation in several virtual scientific meetings to present advancements in its novel Antibody Oligonucleotide Conjugates (AOCs™) platform. Key presentations include:

• TIDES USA 2020 on Sept. 16
• OTS 2020 on Sept. 28
• Next Generation Protein Therapeutics Summit on Nov. 5
• TIDES Europe on Nov. 13
• Neuromuscular Drug Development Summit on Dec. 3

CEO Art Levin highlighted AOC 1001's expected entry into Phase 1/2 trials for myotonic dystrophy type 1, aiming to address serious genetic diseases.

Avidity Biosciences (Nasdaq: RNA) announced a collaboration to support END-DM1, a natural history study aimed at understanding disease progression in myotonic dystrophy type 1 (DM1). The study will enroll approximately 650 participants across the U.S. and Europe, helping inform the development of Avidity's lead program, AOC 1001. This program aims to provide a disease-modifying treatment for DM1 by reducing harmful DMPK mRNA levels. AOC 1001 is scheduled for a Phase 1/2 clinical trial initiation in 2021.

Avidity Biosciences, Inc. (Nasdaq: RNA) announced that CEO Sarah Boyce will participate in a fireside chat at the 2020 Wells Fargo Virtual Healthcare Conference on September 10 at 9:00 am PT. The event will be held virtually, with a live webcast available on Avidity's website. A replay of the chat will be archived for 60 days. Avidity is focused on developing Antibody Oligonucleotide Conjugates (AOCs) aimed at treating serious diseases, including myotonic dystrophy type 1 and other muscle conditions.

Avidity Biosciences, Inc. (Nasdaq: RNA) reported significant progress in Q2 2020, following its IPO on June 16, 2020, which raised $298.1 million. The company is advancing its pipeline of Antibody Oligonucleotide Conjugates (AOCs™), aiming to initiate three first-in-human studies by 2022. As of June 30, 2020, cash and cash equivalents reached $352.4 million, up from $94.6 million at the end of 2019. Collaboration revenue rose to $1.5 million in Q2 2020, compared to $0.2 million in Q2 2019. R&D expenses increased to $9.0 million, reflecting intensified research efforts.

Avidity Biosciences (Nasdaq: RNA) announced the appointment of Jae Kim, M.D., as Chief Medical Officer on July 27, 2020. Dr. Kim will oversee the expansion of Avidity's Antibody Oligonucleotide Conjugates (AOCs™) pipeline, adding his extensive experience in monoclonal antibody and oligonucleotide development. Previously, he held senior roles at Alnylam Pharmaceuticals and MyoKardia, contributing significantly to clinical developments. Avidity aims to leverage AOCs for treating serious diseases, with a focus on muscle-related disorders, through innovative RNA-targeted therapies.

Avidity Biosciences, Inc. (Nasdaq: RNA) announced the successful closing of its initial public offering, issuing 16,560,000 shares of common stock at $18.00 per share, garnering approximately $298.1 million in gross proceeds. This amount includes the full exercise of an underwriters' option for an additional 2,160,000 shares. The offering was facilitated by Cowen, SVB Leerink, Credit Suisse, and Wells Fargo Securities. Avidity is developing a new class of therapies called Antibody Oligonucleotide Conjugates, with a focus on treating serious diseases, including myotonic dystrophy type 1.