7 Best Performing Long Term Stocks in 2024

3. Avidity Biosciences, Inc. (NASDAQ:RNA)

Average Analyst Price Target Upside: 39.77%

Stock Price Performance YTD: 380.35%

Number of Hedge Fund Holders: 31

Avidity Biosciences, Inc. (NASDAQ:RNA) is a biopharmaceutical company focusing on the innovative delivery of RNA therapeutics. The company employs its proprietary Antibody Oligonucleotide Conjugates (AOC) platform, which combines the targeting capabilities of monoclonal antibodies with the precision of oligonucleotide therapies.

Due to the platform, the company is able to deliver treatments directly to challenging tissues, addressing the underlying causes of various diseases. Currently, the company is concentrating on rare muscle disorders, with ongoing clinical programs for conditions such as myotonic dystrophy type 1 (DM1), facioscapulohumeral muscular dystrophy (FSHD), and Duchenne muscular dystrophy (DMD).

In Q2, 31 hedge funds had investments in Avidity Biosciences (NASDAQ:RNA), with positions worth $991.516 million. VenBio Select Advisor is the top investor in the company as of Q2 and has a stake worth $265.729 million.

It showed encouraging results as it posted a GAAP EPS of -$0.65 in Q2, which exceeded analyst expectations by $0.14. The company also generated revenue of $2.05 million.

A notable development came in June when the company launched the global Phase 3 HARBOR trial for del-desiran, targeting DM1. This trial is a significant step forward, especially following the FDA’s Breakthrough Therapy designation granted in May 2024, which recognizes the potential of del-desiran to provide substantial benefits over existing treatments.

The company is also advancing its efforts with del-brax (AOC 1020), targeting FSHD. It plans to advance the initiation of registrational cohorts after reporting remarkable reductions in DUX4 regulated genes, alongside trends showing functional improvements and a favorable safety profile in participants. Such results highlight the platform’s capability to address genetic disorders effectively.

Additionally, Avidity Biosciences’ (NASDAQ:RNA) del-zota is undergoing a Phase 1/2 trial known as EXPLORE44, which has demonstrated significant improvements in dystrophin production and exon 44 skipping in DMD patients.

The company is expanding its focus to neuromuscular diseases. The company plans to broaden its horizons by introducing its first target from a precision cardiology pipeline in the fourth quarter of 2024. The expansion shows its focus on addressing multiple serious health conditions and diversifying its therapeutic offerings.

11 analysts have given Avidity Biosciences (NASDAQ:RNA) a Buy rating. As of September 24, the average price target of $61.50 has an upside of 39.77% to the stock’s current price. It ranks 3rd on our list of the best performing long term stocks in 2024.