Top-notch biotech stock Avidity Biosciences (RNA) collapsed Monday despite unveiling "positive" midstage test results for its muscular dystrophy treatment.
Avidity tested its drug in patients with myotonic dystrophy type 1, a form of muscular dystrophy in which patients can't relax their muscles at will. Long-term data suggest Avidity's treatment, dubbed delpacibart etedesiran, helped reverse disease progression, Avidity said in a news release. Patients showed improvements across multiple measures of disease severity.
"We think the most important take-away from this readout is that Avidity has reached regulatory agreement on the Phase 3 (study called) Harbor design and will be able to initiate earlier than expected," Leerink Partners analyst Joseph Schwartz in a report.
But Avidity stock tumbled more than 12% to 17.58 in morning trades on today's stock market. This was the steepest dive of any biotech stock trading above 10, according to MarketSurge.com. Avidity stock bottomed out at 4.83 in October and, as of Friday's close, had reversed that for a 316% gain.
https://www.investors.com/news/technology/biotech-stock-avidity-stock-muscular-dystrophy-treatment/
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