Shares of Avidity Biosciences (NASDAQ:RNA) soared as much as 91% in today’s trading session, although it has pulled back since then. This can be attributed to the good news about its small interfering RNA candidate, which delivered the RNA into muscle for the first time.
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The treatment is being developed to treat myotonic dystrophy type 1. Interestingly, 100% of patients saw a meaningful decrease in DMPK (DM1 protein kinase), with an average decrease of 45% after one or two doses. In addition, its safety profile was promising, as patients only saw mild to moderate adverse events.
Overall, Wall Street analysts have a consensus price target of $35 on RNA stock, implying over 100% upside potential, as indicated by the graphic above.