Why Avidity Biosciences Zoomed to a 12% Gain This Week

Clinical-stage biotech Avidity Biosciences (NASDAQ: RNA) had some good news to report toward the end of this week, and investors rewarded it by piling into the company's stock. By the close of trading Friday, said equity had risen almost 12% in value across the week, according to data compiled by S&P Global Market Intelligence.On Thursday, Avidity announced that the U.S. Food and Drug Administration (FDA) has released its partial clinical hold on one of the biotech company's investigational drugs. This is delpacibart etedesiran (del-desiran), also known as AOC 1001, a medication aimed at combating a form of muscular dystrophy called myotonic dystrophy type 1. The drug is being tested in a phase 3 clinical trial. In 2022, the FDA placed its hold following news of a patient experiencing a serious adverse event. Avidity did not disclose the nature of that event, banning the recruitment of new patients. The regulator relaxed that hold, allowing the company to restart recruitment. The current phase 3 trial of del-desiran began earlier this year.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool