Published on 29 Jan 2024 on Zacks via Yahoo Finance
Strength Seen in Avidity Biosciences, Inc. (RNA): Can Its 15.0% Jump Turn into More Strength?
Avidity Biosciences, Inc. (RNA) shares ended the last trading session 15% higher at $12.04. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.2% gain over the past four weeks.
The sudden surge in the stock price can be attributed to the positive investor mindset regarding the company's distinguished rare diseases pipeline. Avidity is currently evaluating three investigational candidates in separate early to mid-stage clinical stages for three different muscle disease indications.
This company is expected to post quarterly loss of $0.54 per share in its upcoming report, which represents a year-over-year change of +38.6%. Revenues are expected to be $32.08 million, up 1058.3% from the year-ago quarter.