Expansion of Cardiovascular Collaboration with Bristol Myers Squibb has this Company’s Heart Beating

November 28, 2023

DENVER, Colo., Nov 28, 2023 (247marketnews.com)- Avidity Biosciences, Inc. (NASDAQ:RNA) reported, this morning, that it expanded its global licensing and research collaboration with Bristol Myers Squibb (NYSE:BMY) fixated on discovery, development and commercialization of up to five cardiovascular targets leveraging Avidity’s proprietary AOC platform technology. The agreement calls on Avidity to receive $100 million up front with the potential to receive up to $2.2 billion in milestone payments and up to low double-digit royalties

Avidity Biosciences is trading at $8.19, up $2.03 (+32.95%), on 357.7K premarket shares.

Its 52-week range is $4.825 to $25.74. It’s been in an uptrend since hitting its 52-week low late October and is in a trading range that it last saw in August. The move from $11 to the $8 range was on lower volume, so, if the volume can increase, it might try to claw that back.

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