Avidity Biosciences rises after boosted $600 mln equity raise

Avidity Biosciences' RNA.O shares up 0.6% at $41.29 premarket after above-target $600 mln equity raise

San Diego, California-based Avidity late Thurs sold 15 mln shares at $40, a 2.5% discount to stock's last close

RNA shares on Thurs fell ~12% to $41.04 after co late Weds unveiled $500 mln offering

Co intends to use net offering proceeds to advance its three late-stage clinical programs and its Antibody Oligonucleotide Conjugates platform, among other uses

Leerink, JP Morgan, TD Cowen, Cantor and Wells Fargo are joint bookrunners

Early Weds, co said its experimental drug, Del-zota, for a form of Duchenne muscular dystrophy showed that patients improved on key movement tests in early-mid-stage trial

Through Thurs close, RNA shares up 41% YTD

All 18 analysts are bullish on RNA and median PT is $67.50, per LSEG