We recently published 10 Stocks with Surprising Gains. Avidity Biosciences Inc. is one of the best performers on Friday.
Avidity snapped a four-day losing streak on Friday, adding 9.02 percent to close at $44.74 apiece as investors took path from a higher price target and rating for its stock.
In a market note, BofA Securities gave a “buy” recommendation for Avidity Biosciences Inc.’s stock with a price target of $65, an increase from the $56 previously. The new figure marked a 45 percent upside from its latest closing price.
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According to the investment firm, the stock’s current price weakness could present a significant opportunity to load up on shares.
The revision followed Avidity Biosciences Inc.’s announcement of a $500 million share sale issuance in a bid to raise funds for the development of three late-stage clinical trials, support commercial inventory ahead of planned launches, as well as the expansion of commercial infrastructure and its AOC platform.
In relation to the offer, Avidity Biosciences Inc. granted its underwriters an overallotment option of up to $75 million within 30 days from the offer date.
“There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering,” the company noted.
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This article is originally published at Insider Monkey.
