3) Avidity Biosciences, Inc. (NASDAQ:RNA)
Number of Hedge Fund Holders: 38
One-year Return: ~218%
Average Upside Potential: ~122%
Market Cap as of 30th December: $3.69 billion
Avidity Biosciences, Inc. (NASDAQ:RNA) is a biopharmaceutical company, which is engaged in the delivery of RNA therapeutics.
The strong performance of Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock is being fueled by encouraging clinical development of its 3 rare neuromuscular programs — del-desiran for myotonic dystrophy type 1 (DM1), del-zota for Duchenne muscular dystrophy (DMD), and del-brax for facioscapulohumeral muscular dystrophy (FSHD). The FDA removed a partial clinical hold on del-desiran placed in 2022 after the news that a patient witnessed a serious adverse event in the phase I/II study. Notably, removing the clinical hold offers some sort of reassurance for the drug’s safety profile.
Wall Street experts believe that Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock is well-placed to continue its growth trajectory given that it is expanding the current RNA-based pipeline of rare muscle disorders to explore precision cardiology. Precision cardiology represents the application of RNA-based therapeutics to target and treat specific genetic and molecular drivers of cardiovascular diseases.
Avidity Biosciences, Inc. (NASDAQ:RNA) announced it plans to advance 2 new wholly-owned pipeline drugs, AOC 1086 and AOC 1072, focusing on 2 rare genetic cardiomyopathies, PLN cardiomyopathy and PRKAG2 syndrome, respectively. AOC 1086 and AOC 1072 are expected to fuel significant revenue growth for Avidity Biosciences, Inc. (NASDAQ:RNA) as they demonstrate innovative, first-in-class RNA-based therapies targeted at treating genetically driven diseases with high unmet needs.
