Avidity Biosciences Stock (NASDAQ:RNA), Trade Ideas

Avidity Biosciences

Avidity Biosciences Inc is a biotechnology company. The company develops novel Antibody Oligonucleotide Conjugates therapies designed to overcome the current limitations of oligonucleotide therapies in order to treat a wide range of serious diseases. Its product, AOC 1001, is designed to treat a rare monogenic muscle disease.

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Cantor Fitzgerald initiates coverage on Avidity Biosciences highlighting a robust pipeline led by del-desiran, a promising treatment for Myotonic dystrophy type 1. With strong management, proven platform, and Phase 3 trials on the horizon, Avidity anticipates significant growth potential, targeting $1.3 in U.S. sales by 2031.

Neuromuscular Focused-Avidity Biosciences Has &#39;Complete Package&#39; - Analyst Predicts Stellar 142% Stock Surge

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Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.

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Avidity Biosciences Inc

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Investing in the technologies of tomorrow can be a lucrative investment strategy. If investors can discern trends as they develop, they can stay ahead of the curve and reap the rewards. This is what made Cathie Wood and her firm ARK Invest famous. Her funds invest in companies she "expect[s] to be the leaders, enablers, and beneficiaries of disruptive innovation."
Wood's big bets have won her a lot of fans, but it hasn't always been a smooth ride. Investing in the cutting-edge means investing in what is largely unproven, and this strategy carries significant risk. The ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), for instance, is down close to 15% this year, largely due to her continued faith in Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) whose stock has been hammered recently.
However, with risk comes reward. If a fund can smartly predict the trends of tomorrow, significant upside exists.
<h3 class="wp-block-heading">MOON</h3>
<a href="https://www.direxion.com/">Direxion</a> is an <a href="https://www.benzinga.com/events/fintech-awards/2022-awards/awards-2022/">award-winning </a>ETF issuer best known for its innovative leveraged and inverse single-stock funds. The company also provides its <a href="https://www.direxion.com/product/moonshot-innovators-etf">Direxion Moonshot Innovators ETF</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOON#NYSE">MOON</a>) with "exposure to the 50 most innovative U.S. companies at the forefront of changing our lives today, and tomorrow, by identifying the companies both pursuing innovation and having the potential to disrupt existing technologies and/or industries."
The fund tracks the performance of the S&amp;P Kensho Moonshots Index and carries an expense ratio of .65%. The fund currently has assets under management of $21.4 million.
<h3 class="wp-block-heading">Top Holdings</h3>
<ol>
<li>AVIDITY BIOSCIENCES INC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>) &#8211; 7.31% of the fund.</li>
</ol>
RNA is a biotechnology company focused on developing RNA-based therapies.&nbsp;
<ol start="2">
<li>4D MOLECULAR THERAPEUTICS IN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDMT#NASDAQ">FDMT</a>) &#8211; 4.37% of the fund.</li>
</ol>
FDMT is a clinical-stage biopharma company developing "genetic medicine." The company has a proprietary discovery platform called Therapeutic Vector Evolution.
<ol start="3">
<li>COINBASE GLOBAL INC -CLASS A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) &#8211; 3.91% of the fund.</li>
</ol>
COIN is the most popular cryptocurrency exchange in the United States. It is also another favorite of Cathie Wood and the second largest holding currently in ARKK.
<ol start="4">
<li>ROBINHOOD MARKETS INC &#8211; A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>)</li>
</ol>
HOOD is a technology company best known for its no-fee trading platform.&nbsp;
<ol start="5">
<li>ALLOGENE THERAPEUTICS INC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALLO#NASDAQ">ALLO</a>) &#8211; 3.38% of the fund.</li>
</ol>
ALLO is another clinical-stage biopharma company. It develops "investigational allogeneic chimeric antigen receptor T cell (AlloCAR T&#x2122;)" therapies to fight cancer.
Featured photo by<a href="https://unsplash.com/@peterlaster?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash"> Pedro Lastra</a> on<a href="https://unsplash.com/photos/moon-wCujVcf0JDw?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash"> Unsplash</a>.

Across the recent three months, 6 analysts have shared their insights on Avidity Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>), expressing a variety of opinions spanning from bullish to bearish.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $36.83, a high estimate of $60.00, and a low estimate of $23.00. This upward trend is evident, with the current average reflecting a 60.13% increase from the previous average price target of $23.00.
<img src="https://www.benzinga.com/files/images/story/2024/1712836855_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
The standing of Avidity Biosciences among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Joseph Stringer</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$35.00</td>
<td>-</td>
</tr>
<tr>
<td>Eric Schmidt</td>
<td>Cantor Fitzgerald</td>
<td>Announces</td>
<td>Overweight</td>
<td>$60.00</td>
<td>-</td>
</tr>
<tr>
<td>Keay Nakae</td>
<td>Chardan Capital</td>
<td>Raises</td>
<td>Buy</td>
<td>$33.00</td>
<td>$23.00</td>
</tr>
<tr>
<td>Joseph Stringer</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$35.00</td>
<td>-</td>
</tr>
<tr>
<td>Joseph Stringer</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$35.00</td>
<td>-</td>
</tr>
<tr>
<td>Keay Nakae</td>
<td>Chardan Capital</td>
<td>Maintains</td>
<td>Buy</td>
<td>$23.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Avidity Biosciences. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of Avidity Biosciences compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of Avidity Biosciences's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Avidity Biosciences's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/RNA/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Avidity Biosciences analyst ratings.</a>
<h2>About Avidity Biosciences</h2>
Avidity Biosciences Inc is a biotechnology company. The company develops novel Antibody Oligonucleotide Conjugates therapies designed to overcome the current limitations of oligonucleotide therapies in order to treat a wide range of serious diseases. Its product, AOC 1001, is designed to treat a rare monogenic muscle disease.
<h3>Avidity Biosciences: Delving into Financials</h3>
Market Capitalization: Exceeding industry standards, the company's market capitalization places it above industry average in size relative to peers. This emphasizes its significant scale and robust market position.
Revenue Growth: Avidity Biosciences's revenue growth over a period of 3 months has faced challenges. As of 31 December, 2023, the company experienced a revenue decline of approximately -20.8%. This indicates a decrease in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Health Care sector.
Net Margin: Avidity Biosciences's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of -2756.18%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Avidity Biosciences's ROE stands out, surpassing industry averages. With an impressive ROE of -11.87%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): The company's ROA is below industry benchmarks, signaling potential difficulties in efficiently utilizing assets. With an ROA of -10.06%, the company may need to address challenges in generating satisfactory returns from its assets.
Debt Management: Avidity Biosciences's debt-to-equity ratio is below the industry average at 0.02, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>What Are Analyst Ratings?</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Where Avidity Biosciences Stands With Analysts

Needham analyst Joseph Stringer reiterates Avidity Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>) with a Buy and maintains $35 price target.

Reiteration

Needham Reiterates Buy on Avidity Biosciences, Maintains $35 Price Target

Offerings

Avidity Biosciences Filed Prospectus For Proposed Resale Or Other Disposition By Selling Securityholders Of Up To 15.2M Shares Of Common Stock; Prospectus For Up To 9M Shares Issuable Upon Exercise Of Pre-funded Warrants

Cantor Fitzgerald&nbsp;has initiated coverage on&nbsp;Avidity Biosciences Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>), noting the company has the complete package, including a strong management team, a proven platform, a robust pipeline, and a blockbuster product in deldesiran (formerly AOC 1001) for Myotonic dystrophy type 1 (DM1).
The analyst reports that Avidity has accumulated extensive biomarker and clinical data, significantly reducing the risks associated with their upcoming Phase 3 study.&nbsp;
Additionally,&nbsp;Dyne Therapeutics Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DYN#NASDAQ">DYN</a>), a competitor trailing by approximately 12 months, is also generating similar data using a comparable approach, thereby offering further validation.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/03/37462568/avidity-biosciences-says-lead-program-shows-reversal-of-disease-progression-in-neuromuscular-dise" rel="noreferrer noopener">Avidity Biosciences Says Lead Program Shows Reversal Of Disease Progression In Neuromuscular Disease</a>.
Despite the potential variability in biomarker data obtained from muscle biopsies, Avidity&#8217;s findings offer mechanistic support by demonstrating that del-desiran reduces DMPK RNA levels by 40-50% across various tested doses and has a dose-dependent effect on splicing mRNA.
Cantor analyst notes that Del-desiran focuses on addressing the core issue of disease progression, specifically targeting the toxic accumulation of the DMPK transcript.&nbsp;
Phase 2 trials have demonstrated promising results, paving the way for a Phase 3 trial to commence in the second quarter of 2024.&nbsp;
Based on these advancements, projections anticipate U.S. sales reaching $1.3 billion by 2031.
Cantor initiates with an Overweight rating&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/RNA/analyst-ratings" rel="noreferrer noopener">and a price target of $60</a>.
Avidity has two new clinical programs in Phase 1 development. One, AOC 1044, focuses on Duchenne Muscular Dystrophy that can be treated by skipping Exon 44, while the other, AOC 1020, targets facioscapulohumeral muscular dystrophy (FSHD).
Cantor notes that both programs utilize the same delivery mechanism as del-desiran, aim to tackle well-understood biological pathways, and hold the promise of becoming the first approved therapies for currently underserved patient groups.
Price Action: RNA shares are down 3.54% at $23.95 on the last check Thursday.
Illustration of Phrama lab worker created with MidJourney.

Neuromuscular Focused-Avidity Biosciences Has 'Complete Package' - Analyst Predicts Stellar 142% Stock Surge

Cantor Fitzgerald analyst Eric Schmidt initiates coverage on Avidity Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>) with a Overweight rating and announces Price Target of $60.

Cantor Fitzgerald Initiates Coverage On Avidity Biosciences with Overweight Rating, Announces Price Target of $60

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>HC Wainwright &amp; Co. boosted the price target for Avadel Pharmaceuticals plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avdl#NASDAQ">AVDL</a>) from $21 to $25. HC Wainwright &amp; Co. analyst Oren Livnat maintained a Buy rating. Avadel Pharmaceuticals shares gained 17.6% to close at $16.13 on Monday. <a href="https://www.benzinga.com/quote/AVDL/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Barclays cut the price target for Noble Corporation plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ne#NYSE">NE</a>) from $61 to $59. Barclays analyst Eddie Kim maintained an Overweight rating. Noble shares fell 0.8% to close at $43.02 on Monday. <a href="https://www.benzinga.com/quote/NE/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>TD Cowen lowered Anheuser-Busch InBev SA/NV (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bud#NYSE">BUD</a>) price target from $67 to $65. TD Cowen analyst Vivien Azer maintained an Outperform rating. Anheuser-Busch InBev shares fell 0.1% to close at $60.10 on Monday. <a href="https://www.benzinga.com/quote/BUD/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan boosted the price target for Sea Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/se#NYSE">SE</a>) from $43 to $70. JP Morgan analyst Ranjan Sharma upgraded Sea from Neutral to Overweight. Sea shares gained 5.6% to close at $53.90 on Monday. <a href="https://www.benzinga.com/quote/SE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Needham increased Viant Technology Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dsp#NASDAQ">DSP</a>) price target from $10 to $12. Needham analyst Laura Martin maintained a Buy rating. Viant Technology shares gained 1.3% to close at $9.18 on Monday. <a href="https://www.benzinga.com/quote/DSP/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Bernstein boosted the price target for American Airlines Group Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aal#NASDAQ">AAL</a>) from $20 to $21. Bernstein analyst David Vernon maintained an Outperform rating. American Airlines shares fell 5.4% to close at $14.81 on Monday. <a href="https://www.benzinga.com/quote/AAL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>UBS slashed The Chemours Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cc#NYSE">CC</a>) price target from $37 to $21. UBS analyst Joshua Spector downgraded the stock from Buy to Neutral. Chemours shares fell 2.8% to close at $20.19 on Monday. <a href="https://www.benzinga.com/quote/CC/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keybanc boosted Veeva Systems Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/veev#NYSE">VEEV</a>) price target from $232 to $250. Keybanc analyst Scott Schoenhaus maintained an Overweight rating. Veeva shares climbed 1.8% to close at $226.00 on Monday. <a href="https://www.benzinga.com/quote/VEEV/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Chardan Capital increased Avidity Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rna#NASDAQ">RNA</a>) price target from $23 to $33. Chardan Capital analyst Keay Nakae maintained a Buy rating. Avidity Biosciences shares fell 6.2% to close at $18.86 on Monday. <a href="https://www.benzinga.com/quote/RNA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B. Riley Securities cut Genesco Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gco#NYSE">GCO</a>) price target from $43 to $31. B. Riley Securities analyst Jeff Lick downgraded the stock from Buy to Neutral. Genesco shares fell 1% to close at $31.40 on Monday. <a href="https://www.benzinga.com/quote/GCO/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
&nbsp;
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/03/37474323/stitch-fix-target-and-3-stocks-to-watch-heading-into-tuesday"> Stitch Fix, Target And 3 Stocks To Watch Heading Into Tuesday </a>

Avidity Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>) underwent analysis by 5 analysts in the last quarter, revealing a spectrum of viewpoints from bullish to bearish.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Avidity Biosciences, presenting an average target of $35.2, a high estimate of $50.00, and a low estimate of $23.00. Highlighting a 3.56% decrease, the current average has fallen from the previous average price target of $36.50. 
<img src="https://www.benzinga.com/files/images/story/2024/1709640043_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Avidity Biosciences. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Keay Nakae</td>
<td>Chardan Capital</td>
<td>Raises</td>
<td>Buy</td>
<td>$33.00</td>
<td>$23.00</td>
</tr>
<tr>
<td>Joseph Stringer</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$35.00</td>
<td>-</td>
</tr>
<tr>
<td>Joseph Stringer</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$35.00</td>
<td>-</td>
</tr>
<tr>
<td>Keay Nakae</td>
<td>Chardan Capital</td>
<td>Maintains</td>
<td>Buy</td>
<td>$23.00</td>
<td>-</td>
</tr>
<tr>
<td>Yanan Zhu</td>
<td>Wells Fargo</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$50.00</td>
<td>$50.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Avidity Biosciences. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Avidity Biosciences compared to the broader market.</li>
<li>Price Targets: Analysts navigate through adjustments in price targets, providing estimates for Avidity Biosciences's future value. Comparing current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Avidity Biosciences's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/RNA/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Avidity Biosciences analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>Delving into Avidity Biosciences's Background</h2>
Avidity Biosciences Inc is a biotechnology company. The company develops novel Antibody Oligonucleotide Conjugates therapies designed to overcome the current limitations of oligonucleotide therapies in order to treat a wide range of serious diseases. Its product, AOC 1001, is designed to treat a rare monogenic muscle disease.
<h3>Avidity Biosciences: Delving into Financials</h3>
Market Capitalization Analysis: Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.
Negative Revenue Trend: Examining Avidity Biosciences's financials over 3 months reveals challenges. As of 31 December, 2023, the company experienced a decline of approximately -20.8% in revenue growth, reflecting a decrease in top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Health Care sector.
Net Margin: Avidity Biosciences's net margin is impressive, surpassing industry averages. With a net margin of -2756.18%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of -11.87%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Avidity Biosciences's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of -10.06%, the company may face hurdles in achieving optimal financial performance.
Debt Management: Avidity Biosciences's debt-to-equity ratio is below the industry average at 0.02, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Closer Look at 5 Analyst Recommendations For Avidity Biosciences

Chardan Capital analyst Keay Nakae maintains Avidity Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>) with a Buy and raises the price target from $23 to $33.

Chardan Capital Maintains Buy on Avidity Biosciences, Raises Price Target to $33

Shares of Bitdeer Technologies Group (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/btdr#NASDAQ">BTDR</a>) rose sharply during Monday&rsquo;s session after the company reported preliminary fourth-quarter financial results, announced the successful testing of its SEAL01 Bitcoin mining chip and amid overall strength in the price of Bitcoin.
Bitdeer Technologies Group shares jumped 10.2% to $7.45 on Monday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>BitFuFu Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fufu#NASDAQ">FUFU</a>) shares jumped 107% to $13.20 amid volatility following the company&#39;s recent business combination with Arisz Acquisition Corp and listing on the Nasdaq.</li>
<li>Quoin Pharmaceuticals, Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qnrx#NASDAQ">QNRX</a>) climbed 89% to $5.31 after the company announced FDA clearance to recruit teen subjects into both of its ongoing Netherton Syndrome clinical studies.</li>
<li>Renalytix Plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rnlx#NASDAQ">RNLX</a>) gained 52.8% to $1.5890 after the company announced that it received an unsolicited approach from a publicly listed strategic diagnostics company.</li>
<li>Phunware, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/phun#NASDAQ">PHUN</a>) climbed 42.7% to $10.11. Phunware is expected to report fourth-quarter results on March 12, 2024.</li>
<li>Ainos, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aimd#NASDAQ">AIMD</a>) gained 39.4% to $1.4650.</li>
<li>Jaguar Health, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jagx#NASDAQ">JAGX</a>) shares climbed 38.2% to $0.1223 after surging 50% on Friday.</li>
<li>Cardiff Oncology, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crdf#NASDAQ">CRDF</a>) rose 31.6% to $3.83 after the company reported better-than-expected fourth-quarter financial results, provided a clinical update on the Phase 2 randomized second-line ONSEMBLE trial in patients with RAS-mutated mCRC and announced the first patient was dosed in the randomized first-line RAS-mutated mCRC trial.</li>
<li>The E.W. Scripps Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ssp#NASDAQ">SSP</a>) gained 31.3% to $4.94. E.W. Scripps Director Charles L. Barmonde acquired a total of 10,500 shares an average price of $4.28.</li>
<li>Helius Medical Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hsdt#NASDAQ">HSDT</a>) climbed 30% to $5.91. Helius Medical Technologies announced it secured HCPCS codes for portable neuromodulation stimulator mouthpiece and controller.</li>
<li>Kineta, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ka#NASDAQ">KA</a>) gained 27% to $1.14. Kineta recently announced a restructuring and the exploration of strategic alternatives.</li>
<li>BigBear.ai Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bbai#NYSE">BBAI</a>) rose 25% to $4.3472.</li>
<li>Critical Metals Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crml#NASDAQ">CRML</a>) gained 24.4% to $12.44.</li>
<li>Ocean Biomedical, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ocea#NASDAQ">OCEA</a>) gained 22% to $2.44.</li>
<li>Reliance Global Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/reli#NASDAQ">RELI</a>) rose 21.7% to $0.6299 after gaining 11% on Friday.</li>
<li>Akero Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/akro#NASDAQ">AKRO</a>) climbed 21.1% to $33.69 after gaining 3% on Friday.</li>
<li>89bio, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/etnb#NASDAQ">ETNB</a>) gained 20.3% to $15.18.</li>
<li>Nektar Therapeutics (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nktr#NASDAQ">NKTR</a>) gained 19.4% to $0.9315. Nektar Therapeutics announced a $30 million private placement financing with TCGX.</li>
<li>Super Micro Computer, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/smci#NASDAQ">SMCI</a>) shares gained 18.9% to $1,076.45. Super Micro Computer will join the S&amp;P 500 Index, effective March 18, S&amp;P Dow Jones Indices, a division of S&amp;P Global, said in a release.</li>
<li>MicroStrategy Incorporated (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mstr#NASDAQ">MSTR</a>) gained 17.8% to $1,271.51 amid strength in Bitcoin.</li>
<li>Macy&#39;s, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/m#NYSE">M</a>) rose 16.3% to $20.95 after Arkhouse and Brigade Capital increased their offer to acquire Macy&#39;s to $24 per share.</li>
<li>Renovaro Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/renb#NASDAQ">RENB</a>) gained 14.3% to $2.64.</li>
<li>Digital World Acquisition Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dwac#NASDAQ">DWAC</a>) gained 13.4% to $44.18 after falling over 5% on Friday.</li>
<li>MGE Energy, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mgee#NASDAQ">MGEE</a>) rose 12% to $70.75. MGE Energy will replace iRobot in the S&amp;P SmallCap 600.</li>
<li>BGC Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bgc#NASDAQ">BGC</a>) gained 11.8% to $7.93. BGC Group is set to join S&amp;P SmallCap 600.</li>
<li>Jin Medical International Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zjyl#NASDAQ">ZJYL</a>) climbed 11.6% to $7.10.</li>
<li>H&amp;R Block, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hrb#NYSE">HRB</a>) gained 8.9% to $52.08.</li>
<li>Aadi Bioscience, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aadi#NASDAQ">AADI</a>) shares surged 8.8% to $2.0899 after the company announced publication of long-term efficacy and safety data further supporting FYARRO&reg; for the treatment of malignant PEComa.</li>
<li>MSP Recovery, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lifw#NASDAQ">LIFW</a>) shares rose 7.7% to $1.11. LifeWallet announced a comprehensive settlement with 28 affiliated property and casualty insurers, benefiting LifeWallet&rsquo;s <a href="https://www.benzinga.com/money/best-medicare-advantage-plans/">medicare</a> clients across the U.S.</li>
<li>Coinbase Global, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>) climbed 7.5% to $221.11 amid a rise in the price of Bitcoin.</li>
<li>Box, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/box#NYSE">BOX</a>) gained 6.6% to $28.30. Box will replace Forrester Research Inc in the S&amp;P SmallCap 600.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>BioVie Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bivi#NASDAQ">BIVI</a>) fell 42.7% to $1.0830 after the company reported pricing of public offering.</li>
<li>JOANN Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/joan#NASDAQ">JOAN</a>) fell 38.7% to $ .3102&nbsp;following a report suggesting the company may file for bankruptcy soon.</li>
<li>Astra Space, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/astr#NASDAQ">ASTR</a>) dipped 35% to $0.8598.</li>
<li>BioCardia, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bcda#NASDAQ">BCDA</a>) fell 23.3% to $0.4449 after reporting interim results from Phase III CardiAMP cell therapy heart failure trial.</li>
<li>MMTec, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mtc#NASDAQ">MTC</a>) declined 21.8% to $2.00.</li>
<li>Vivani Medical, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vani#NASDAQ">VANI</a>) declined 21.7% to $2.4199. Vivani Medical recently announced the pricing of a $15 million registered direct offering of common stock and warrants.</li>
<li>Interactive Strength Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/trnr#NASDAQ">TRNR</a>) tumbled 19.8% to $0.40. Interactive Strength recently announced it has entered into an exclusive worldwide distribution agreement with WOODWAY to sell and distribute CLMBR.</li>
<li>Infobird Co., Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ifbd#NASDAQ">IFBD</a>) dipped 19.3% to $5.03</li>
<li>Minim, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/minm#NASDAQ">MINM</a>) fell 18.4% to $4.7395 after jumping 35% on Friday.</li>
<li>Avidity Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rna#NASDAQ">RNA</a>) fell 16.6% to $16.78. Avidity Biosciences announced new long-term AOC 1001 data from the Marina-OLE trial showing reversal of disease progression in Myotonic Dystrophy Type 1 patients across multiple endpoints.</li>
<li>Playtika Holding Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pltk#NASDAQ">PLTK</a>) fell 14.8% to $6.44</li>
<li>Aptevo Therapeutics Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/apvo#NASDAQ">APVO</a>) declined 14.7% to $0.1399.</li>
<li>J-Long Group Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jl#NASDAQ">JL</a>) shares dipped 14.3% to $1.98 after jumping over 15% on Friday. J-Long Group recently declared a special cash dividend in aggregate amount of $6 million.</li>
<li>Sunshine Biopharma, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sbfm#NASDAQ">SBFM</a>) fell 14.3% to $0.0474. Sunshine Biopharma, last month, announced closing of $10.0 million underwritten public offering.</li>
<li>New York Community Bancorp, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nycb#NASDAQ">NYCB</a>) fell 13.6% to $3.0650 after the company announced that it identified material weaknesses in its internal controls related to internal loan review, that resulted from ineffective oversight, risk assessment and monitoring activities.</li>
<li>Spirit Airlines, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/save#NYSE">SAVE</a>) fell 12.1% to $5.68 after the company announced the termination of its merger agreement with JetBlue.</li>
<li>Sabre Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sabr#NASDAQ">SABR</a>) fell 11.6% to $2.3050. Sabre announced exchange of $150 million of existing 4.000% exchangeable senior notes due 2025 for exchangeable senior notes due 2026.</li>
<li>Li Auto Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>) fell 11.6% to $38.49. B of A Securities analyst Ming Hsun Lee maintained Li Auto with a Buy and raised the price target from $57 to $60.</li>
<li>Revance Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rvnc#NASDAQ">RVNC</a>) fell 11.2% to $6.20. Revance announced pricing of $100 million public offering of 16 million shares of common stock at a price of $6.25 per share.</li>
<li>Beyond Meat, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bynd#NASDAQ">BYND</a>) dipped 11.3% to $8.67 after the company announced that it was unable to file its annual report due to technical difficulties in assembling the submission for filing. Also, the company said it anticipates it will seek to raise additional capital in 2024.</li>
<li>Caledonia Mining Corporation Plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cmcl#NASDAQ">CMCL</a>) shares tumbled 9.6% to $9.29 after the company issued a trading update for the year ended Dec. 31, 2023.</li>
<li>Hertz Global Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/htz#NYSE">HTZ</a>) fell 7.2% to $7.26.</li>
<li>NIO Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) fell 6.9% to $5.38.</li>
</ul>
&nbsp;
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Why Bitdeer Technologies Shares Are Trading Higher By 10%? Here Are Other Stocks Moving In Monday's Mid-Day Session

Monday,&nbsp;Avidity Biosciences Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>) revealed new long-term AOC 1001 data from the MARINA open-label extension (MARINA-OLE) trial showing reversal of disease progression in myotonic dystrophy type 1 (DM1) patients across multiple endpoints compared&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/n37451060/avidity-biosciences-announces-positive-aoc-1001-long-term-data-showing-reversal-of-disease-progres" rel="noreferrer noopener">to END-DM1 natural history data</a>.&nbsp;
These are the same key endpoints used in the global Phase 3 HARBOR trial for DM1.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/23/10/35145905/avidity-biosciences-muscle-disease-candidate-shows-improvement-in-multiple-additional-functional-" rel="noreferrer noopener">Avidity Biosciences&#8217; Muscle Disease Candidate Shows Improvement in Multiple Additional Functional Endpoints, Safety</a>.
The primary endpoint in the Phase 3 HARBOR trial is video hand opening time (vHOT), and key secondary endpoints include muscle strength as measured by hand grip strength and quantitative muscle testing (QMT) total score and activities of daily living.&nbsp;
Avidity is accelerating the global Phase 3 HARBOR trial initiation to the second quarter of 2024.
Avidity also announced delpacibart etedesiran as the approved international nonproprietary name of AOC 1001, abbreviated as del-desiran.
In the MARINA-OLE study, del-desiran (AOC 1001) 4 mg/kg provided consistent and durable improvements in the following:
<ul>
<li>Myotonia (video hand opening time, or vHOT), hand grip, Quantitative Muscle Testing (QMT) total score includes hand grip, elbow extension and elbow flexion, knee extension and knee flexion, and ankle dorsiflexion.</li>
<li>DM1-Activ is a patient-reported outcome (PRO) that measures activities of daily living (e.g., taking a shower, visiting family or friends, and walking upstairs).</li>
</ul>
With over 265 infusions totaling 61.1 patient-years of exposure, del-desiran (AOC 1001) continues demonstrating favorable safety and tolerability.&nbsp;
Price Action: RNA shares are down 9.75% at $18.15 on the last check Monday.
Photo by Darko Stojanovic from Pixabay

Avidity Biosciences Says Lead Program Shows Reversal Of Disease Progression In Neuromuscular Disease

U.S. stocks were lower, with the Dow Jones index falling around 80 points on Monday.
Shares of Tesla, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) fell during Monday&rsquo;s session after the company reportedly saw a <a href="https://www.benzinga.com/markets/asia/24/03/37451229/why-tesla-shares-are-down-over-1-premarket-today">decline in February China sales.</a>
Tesla sold 60,365 electric vehicles made in China in February, according to preliminary data released by the China Passenger Car Association, as reported by CnEVPost. The breakdown between exports and domestic sales will be available when the detailed report is released in a week.
Tesla shares fell 5.4% to $191.79 on Monday.
Here are some other big stocks recording losses&nbsp;in today&rsquo;s session.
<ul>
<li>MMTec, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mtc#NASDAQ">MTC</a>) shares fell 21.8% to $2.00.</li>
<li>Avidity Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rna#NASDAQ">RNA</a>) declined 16.6% to $16.78. Avidity Biosciences announced new long-term AOC 1001 data from the Marina-OLE trial showing reversal of disease progression in Myotonic Dystrophy Type 1 patients across multiple endpoints.</li>
<li>Playtika Holding Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pltk#NASDAQ">PLTK</a>) tumbled 14.8% to $6.44</li>
<li>New York Community Bancorp, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nycb#NASDAQ">NYCB</a>) declined 13.6% to $3.0650 after the company announced that it identified material weaknesses in its internal controls related to internal loan review, that resulted from ineffective oversight, risk assessment and monitoring activities.</li>
<li>Spirit Airlines, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/save#NYSE">SAVE</a>) dipped 12.1% to $5.68 after the company announced the termination of its merger agreement with JetBlue.</li>
<li>Lyell Immunopharma, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lyel#NASDAQ">LYEL</a>) fell 12.1% to $2.70.</li>
<li>Sabre Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sabr#NASDAQ">SABR</a>) declined 11.6% to $2.3050. Sabre announced exchange of $150 million of existing 4.000% exchangeable senior notes due 2025 for exchangeable senior notes due 2026.</li>
<li>Li Auto Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>) tumbled 11.6% to $38.49. B of A Securities analyst Ming Hsun Lee maintained Li Auto with a Buy and raised the price target from $57 to $60.</li>
<li>Revance Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rvnc#NASDAQ">RVNC</a>) dipped 11.2% to $6.20. Revance announced pricing of $100 million public offering of 16 million shares of common stock at a price of $6.25 per share.</li>
<li>Beyond Meat, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bynd#NASDAQ">BYND</a>) shares fell 11.3% to $8.67 after the company announced that it was unable to file its annual report due to technical difficulties in assembling the submission for filing. Also, the company said it anticipates it will seek to raise additional capital in 2024.</li>
<li>Cytek Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ctkb#NASDAQ">CTKB</a>) fell 11.1% to $8.14. Cytek Biosciences filed for non-timely 10-K with the U.S. SEC.</li>
<li>Sana Biotechnology, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sana#NASDAQ">SANA</a>) fell 10.8% to $10.04. Sana Biotechnology recently reported a year-over-year increase in quarterly financial results.</li>
<li>ADS-TEC Energy PLC (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adse#NASDAQ">ADSE</a>) fell 10.5% to $9.71.</li>
<li>ACM Research, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acmr#NASDAQ">ACMR</a>) declined 10.6% to $30.32.</li>
<li>EyePoint Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/eypt#NASDAQ">EYPT</a>) fell 9.5% to $25.33. EyePoint Pharmaceuticals announced appointment of Ramiro Ribeiro, M.D., Ph.D. as Chief Medical Officer.</li>
<li>Omeros Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/omer#NASDAQ">OMER</a>) fell 9.3% to $4.3350.</li>
<li>iRhythm Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/irtc#NASDAQ">IRTC</a>) tumbled 9% to $109.64. iRhythm announced a proposed offering of $450 million of convertible senior notes.</li>
<li>Hertz Global Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/htz#NYSE">HTZ</a>) dipped 7.2% to $7.26.</li>
<li>NIO Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) declined 6.9% to $5.38.</li>
<li>Rivian Automotive, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) fell 6.8% to $10.58.</li>
<li>Victoria&#39;s Secret &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vsco#NYSE">VSCO</a>) fell 5.8% to $26.77.</li>
<li>Unity Software Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/u#NYSE">U</a>) fell 5.3% to $27.36.</li>
</ul>
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Tesla, Spirit Airlines, New York Community Bancorp And Other Big Stocks Moving Lower On Monday

These endpoints are the same key endpoints that will be used in the global Phase 3 HARBOR&nbsp;trial for people living with DM1.vidity is accelerating the global Phase 3 HARBOR trial initiation to the second quarter of 2024.

Avidity Biosciences Announced New Long-term AOC 1001 Data From The Marina-OLE Trial Showing Reversal Of Disease Progression In Myotonic Dystrophy Type 1 Patients Across Multiple Endpoints

WIIM

Avidity Biosciences shares are trading higher after the company announced an oversubscribed $400 million private placement.

Shares of Butterfly Network, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bfly#NASDAQ">BFLY</a>) fell sharply during Thursday&rsquo;s session after the company reported mixed fourth-quarter financial results.
Butterfly Network posted GAAP loss of 21 cents per share versus market estimates for a loss of 14 cents per share. The company&rsquo;s quarterly sales came in at sales came in $16.52 million versus estimates of $15.35 million.
Butterfly Network shares dipped 21.7% to $1.1588 on Thursday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>Enveric Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/envb#NASDAQ">ENVB</a>) gained 177.1% to $2.30 after the company announced it has signed three non-binding term sheets with an undisclosed biotechnology company to pursue the out-licensing of compounds.</li>
<li>Societal CDMO, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sctl#NASDAQ">SCTL</a>) shares climbed 132.7% to $1.07 as the company agreed to be acquired by CoreRx, Inc.</li>
<li>Volcon, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vlcn#NASDAQ">VLCN</a>) gained 55.4% to $1.8802 after surging around 39% on Wednesday.</li>
<li>Sidus Space, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sidu#NASDAQ">SIDU</a>) climbed 39.7% to $7.78.</li>
<li>Ocean Biomedical, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ocea#NASDAQ">OCEA</a>) gained 36.4% to $2.1008. Ocean Biomedical announced joint venture partner, Virion Therapeutics to present clinical study data at 2024 APASL Global Liver Meeting.</li>
<li>Inseego Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/insg#NASDAQ">INSG</a>) rose 34.5% to $3.00.</li>
<li>Vertex, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/verx#NASDAQ">VERX</a>) jumped 29.8% to $32.97 after the company reported better-than-expected fourth-quarter results and issued strong FY24 guidance.</li>
<li>iHeartMedia, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ihrt#NASDAQ">IHRT</a>) rose 29.1% to $2.93 following fourth-quarter results.</li>
<li>Agrify Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/agfy#NASDAQ">AGFY</a>) gained 27% to $0.6161. Agrify announced a $3.4 million sales order from New Jersey woman-owned business HarvestWorks Farm.</li>
<li>Renalytix Plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rnlx#NASDAQ">RNLX</a>) climbed 26.5% to $1.05 after the company announced that effective Mar. 1, the US approved adding the company&#39;s kidneyintelX.dkd to its 10-year Governmentwide Acquisition Contract.</li>
<li>Tutor Perini Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tpc#NYSE">TPC</a>) gained 26% to $11.64 following fourth-quarter results.</li>
<li>Bright Scholar Education Holdings Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bedu#NYSE">BEDU</a>) gained 25.3% to $2.3178.</li>
<li>C3.ai, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ai#NYSE">AI</a>) shares rose 24.6% to $37.00 after the company reported better-than-expected third-quarter financial results.</li>
<li>Sterling Check Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ster#NASDAQ">STER</a>) jumped 24.6% to $15.49 after the company agreed to be acquired by First Advantage for approximately $2.2 billion, including outstanding debt.</li>
<li>Adial Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adil#NASDAQ">ADIL</a>) gained 24% to $2.00. Adial Pharmaceuticals was awarded a new patent covering AD04 for the potential treatment of opioid use disorder.</li>
<li>Revance Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rvnc#NASDAQ">RVNC</a>) jumped 24% to $7.02 after the company reported better-than-expected quarterly financial results.</li>
<li>Latham Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/swim#NASDAQ">SWIM</a>) climbed 22.8% to $3.36.</li>
<li>Avidity Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rna#NASDAQ">RNA</a>) jumped 22.5% to $18.70. Avidity Biosciences announced an oversubscribed $400 million private placement.</li>
<li>Pure Storage, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pstg#NYSE">PSTG</a>) rose 21.9% to $51.35 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter revenue guidance above estimates. Also, UBS maintained a Neutral rating on the stock and raised its price target from $38 to $44.</li>
<li>Duolingo, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/duol#NASDAQ">DUOL</a>) gained 21.6% to $237.82 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.</li>
<li>Okta, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/okta#NASDAQ">OKTA</a>) shares rose 19.8% to $104.55 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.</li>
<li>Mersana Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mrsn#NASDAQ">MRSN</a>) gained 19.5% to $5.80 after the company reported fourth-quarter financial results.</li>
<li>Establishment Labs Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/esta#NASDAQ">ESTA</a>) rose 17.8% to $45.31 after the company reported better-than-expected fourth-quarter financial results.</li>
<li>Montrose Environmental Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/meg#NYSE">MEG</a>) gained 16.7% to $38.52 following quarterly results.</li>
<li>ORIC Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/oric#NASDAQ">ORIC</a>) climbed 16.1% to $13.65.</li>
<li>SunOpta Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/stkl#NASDAQ">STKL</a>) rose 15% to $6.91 following strong quarterly results.</li>
<li>TaskUs, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/task#NASDAQ">TASK</a>) gained 14.4% to $14.17 following upbeat quarterly results.</li>
<li>Magnite, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mgni#NASDAQ">MGNI</a>) rose 13.8% to $11.93 following strong quarterly results.</li>
<li>Indaptus Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/indp#NASDAQ">INDP</a>) rose 13.8% to $2.23.</li>
<li>Hayward Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hayw#NASDAQ">HAYW</a>) gained 13.7% to $14.88 following upbeat results.</li>
<li>Hormel Foods Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hrl#NYSE">HRL</a>) rose 12.8% to $34.81 after the company reported better-than-expected first-quarter earnings and reaffirmed FY24 outlook.</li>
<li>Nxu, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nxu#NASDAQ">NXU</a>) shares rose 9.2% to $0.7750. Nxu said it fully regained compliance with Nasdaq&#39;s continued listing requirements.</li>
<li>NFT Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mi#NYSE">MI</a>) shares jumped 7.9% to $0.2374.</li>
<li>Sprinklr, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cxm#NYSE">CXM</a>) gained 7.9% to $13.56. Sprinklr will replace Veradigm in S&amp;P SmallCap 600 effective prior to opening of trading on March 4, 2024.</li>
<li>Papa John&#39;s International, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pzza#NASDAQ">PZZA</a>) climbed 6.8% to $74.89 following strong quarterly earnings.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>J-Long Group Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jl#NYSE">JL</a>) fell 46.3% to $6.86. J-Long Group declared a special cash dividend in aggregate amount of $6 million.</li>
<li>Golden Minerals Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aumn#NYSE">AUMN</a>) dipped 40.4% to $0.3163. Golden Minerals announced that it has elected to stop operations at its Velarde&ntilde;a Properties, located in Durango State, Mexico.</li>
<li>LivePerson, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lpsn#NASDAQ">LPSN</a>) shares declined 40% to $1.43 following fourth-quarter financial results.</li>
<li>NWTN Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nwtn#NASDAQ">NWTN</a>) fell 40% to $2.99.</li>
<li>Endava plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dava#NYSE">DAVA</a>) fell 40% to $38.31 following second-quarter earnings.</li>
<li>Kineta, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ka#NASDAQ">KA</a>) fell 39.7% to $1.3801 as the company announced intention to explore strategic alternatives.</li>
<li>Ironwood Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/irwd#NASDAQ">IRWD</a>) fell 39% to $9.23 after the company&#39;s Phase 3 trial of once-weekly subcutaneous apraglutide did not meet two out of four key secondary endpoints.</li>
<li>Xometry, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/xmtr#NASDAQ">XMTR</a>) fell 37.4% to $18.84 after the company reported fiscal fourth-quarter results and issued first-quarter guidance below estimates and disclosed a CFO transition.</li>
<li>Grifols, S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grfs#NYSE">GRFS</a>) fell 36.7% to $5.91.</li>
<li>The Chemours Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cc#NYSE">CC</a>) shares declined 33.7% to $19.05. Chemours Company named Denise Dignam as the interim CEO and Matt Abbott as the interim CFO. The company also issued preliminary 2023 results.</li>
<li>Bakkt Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bkkt#NASDAQ">BKKT</a>) fell 33.4% to $0.6792 after the company announced two securities purchase agreements.</li>
<li>CommScope Holding Company, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/comm#NASDAQ">COMM</a>) dipped 30% to $1.2950 after the company reported financial fourth-quarter results below estimates.</li>
<li>Critical Metals Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crml#NASDAQ">CRML</a>) fell 25.2% to $11.43.</li>
<li>Gyre Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gyre#NASDAQ">GYRE</a>) dropped 22% to $19.34.</li>
<li>Lotus Technology Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lot#NASDAQ">LOT</a>) fell 21.8% to $7.71.</li>
<li>BYND Cannasoft Enterprises Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bcan#NASDAQ">BCAN</a>) shares fell 20.2% to $0.1621. BYND Cannasoft is entering into production agreements for its EZ-G Device.</li>
<li>Snowflake Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snow#NYSE">SNOW</a>) shares tumbled 20.1% to $183.81. Snowflake reported upbeat earnings for its fourth quarter. The company said CEO Frank Slootman has decided to retire from his role as CEO but will continue to serve as chairman of the board. Sridhar Ramaswamy has been appointed as CEO and a member of the board, effective immediately.</li>
<li>Schr&ouml;dinger, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sdgr#NASDAQ">SDGR</a>) shares declined 19.9% to $25.12 after the company reported mixed fourth-quarter financial results.</li>
<li>Castle Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cstl#NASDAQ">CSTL</a>) fell 18.7% to $19.83 following fourth-quarter financial results.</li>
<li>bluebird bio, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blue#NASDAQ">BLUE</a>) fell 18.2% to $1.3750.</li>
<li>Inari Medical, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nari#NASDAQ">NARI</a>) shares fell 18.1% to $47.50 after posting a loss for the fourth quarter.</li>
<li>WW International, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ww#NASDAQ">WW</a>) fell 17.9% to $3.1350 after the company reported fourth-quarter financial results and announced that director Oprah Winfrey has decided not to stand for re-election at the company&#39;s upcoming annual meeting of shareholders.</li>
<li>uniQure N.V. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qure#NASDAQ">QURE</a>) fell 16.7% to $5.57. Goldman Sachs analyst Salveen Richter downgraded uniQure from Buy to Neutral and lowered the price target from $63 to $8.</li>
<li>Amarin Corporation plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amrn#NASDAQ">AMRN</a>) fell 16.7% to $1.09 following quarterly results.</li>
<li>DoubleVerify Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dv#NYSE">DV</a>) declined 16.6% to $32.71 after the company reported fourth quarter financial results.</li>
<li>Shoals Technologies Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/shls#NASDAQ">SHLS</a>) shares dipped 16.3% to $12.89 after the company reported worse-than-expected fourth-quarter financial results and issued FY24 revenue guidance below estimates.</li>
<li>Milestone Pharmaceuticals Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mist#NASDAQ">MIST</a>) shares fell 16% to $1.7897 after announcing a proposed public offering of common shares and pre-funded warrants.</li>
<li>COMPASS Pathways plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cmps#NASDAQ">CMPS</a>) fell 16% to $10.40 following a wider-than-expected quarterly loss.</li>
<li>FIGS, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/figs#NYSE">FIGS</a>) shares fell 15.4% to $5.10 after the company reported mixed quarterly financial results.</li>
<li>The Lion Electric Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lev#NYSE">LEV</a>) dipped 12.6% to $1.46 following fourth quarter financial results.</li>
<li>Cytek Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ctkb#NASDAQ">CTKB</a>) fell 12.2% to $7.67 following fourth quarter financial results.</li>
<li>AMC Entertainment Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/amc#NYSE">AMC</a>) shares fell 11.1% to $4.4350 following quarterly results.</li>
<li>Titan International, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/twi#NYSE">TWI</a>) fell 10% to $12.73 following weak sales.</li>
<li>IonQ, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ionq#NYSE">IONQ</a>) shares declined 7.2% to $10.45 after the company reported mixed fourth quarter financial results.</li>
<li>Array Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/arry#NASDAQ">ARRY</a>) fell 5.8% to $13.27.</li>
<li>Bath &amp; Body Works, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bbwi#NASDAQ">BBWI</a>) fell 5.2% to $45.80 after the company reported fourth-quarter earnings and issued worse-than-expected FY24 outlook. It also authorized $500 million stock buyback.</li>
<li>NetEase, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ntes#NASDAQ">NTES</a>) shares fell 3.7% to $108.03 after the company reported financial fourth-quarter results below estimates.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/24/02/37390717/nvidia-to-rally-around-27-here-are-10-top-analyst-forecasts-for-thursday"> NVIDIA To Rally Around 27%? Here Are 10 Top Analyst Forecasts For Thursday</a>

ADIL

AGFY

AMRN

ARRY

AUMN

BBWI

BCAN

BEDU

BFLY

Bakkt Holdings, Inc. Class A Common Stock

BKKT

BLUE

CMPS

COMM

CSTL

DAVA

DUOL

ENVB

ESTA

FIGS

GRFS

GYRE

HAYW

IHRT

INDP

INSG

IONQ

IRWD

LPSN

MGNI

MIST

MRSN

NARI

NTES

NWTN

OKTA

ORIC

PSTG

PZZA

QURE

SCTL

SDGR

SHLS

SIDU

SNOW

STER

STKL

SWIM

TASK

VERX

VLCN

XMTR

Why Butterfly Network Shares Are Trading Lower By 22%? Here Are Other Stocks Moving In Thursday's Mid-Day Session

U.S. stocks were higher, with the Nasdaq Composite gaining around 50 points on Thursday.
Shares of Hormel Foods Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hrl#NYSE">HRL</a>) rose sharply during Thursday&rsquo;s session after the company reported better-than-expected first-quarter <a href="https://www.benzinga.com/news/earnings/24/02/37392276/why-hormel-foods-shares-are-rising-today">earnings and reaffirmed FY24 outlook</a>.
The company reported first-quarter adjusted earnings per share of 41 cents, beating the analyst consensus of 34 cents. Quarterly revenues of $2.997 billion, beating the analyst consensus of $2.917 billion.
Hormel Foods shares climbed 12.6% to $34.72 on Thursday.
Here are some other big stocks recording gains in today&rsquo;s session.
<ul>
<li>Vertex, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/verx#NASDAQ">VERX</a>) jumped 29.8% to $32.97 after the company reported better-than-expected fourth-quarter results and issued strong FY24 guidance.</li>
<li>Tutor Perini Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tpc#NYSE">TPC</a>) gained 26% to $11.64 following fourth-quarter results.</li>
<li>C3.ai, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ai#NYSE">AI</a>) shares rose 24.6% to $37.00 after the company reported better-than-expected third-quarter financial results.</li>
<li>Sterling Check Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ster#NASDAQ">STER</a>) jumped 24.6% to $15.49 after the company agreed to be acquired by First Advantage for approximately $2.2 billion, including outstanding debt.</li>
<li>Revance Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rvnc#NASDAQ">RVNC</a>) jumped 24% to $7.02 after the company reported better-than-expected quarterly financial results.</li>
<li>Avidity Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rna#NASDAQ">RNA</a>) jumped 22.5% to $18.70. Avidity Biosciences announced an oversubscribed $400 million private placement.</li>
<li>Pure Storage, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pstg#NYSE">PSTG</a>) rose 21.9% to $51.35 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter revenue guidance above estimates. Also, UBS maintained a Neutral rating on the stock and raised its price target from $38 to $44.</li>
<li>Duolingo, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/duol#NASDAQ">DUOL</a>) gained 21.6% to $237.82 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.</li>
<li>Okta, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/okta#NASDAQ">OKTA</a>) shares rose 19.8% to $104.55 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.</li>
<li>Mersana Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mrsn#NASDAQ">MRSN</a>) gained 19.5% to $5.80 after the company reported fourth-quarter financial results.</li>
<li>Establishment Labs Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/esta#NASDAQ">ESTA</a>) rose 17.8% to $45.31 after the company reported better-than-expected fourth-quarter financial results.</li>
<li>Montrose Environmental Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/meg#NYSE">MEG</a>) gained 16.7% to $38.52 following quarterly results.</li>
<li>ORIC Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/oric#NASDAQ">ORIC</a>) climbed 16.1% to $13.65.</li>
<li>SunOpta Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/stkl#NASDAQ">STKL</a>) rose 15% to $6.91 following strong quarterly results.</li>
<li>TaskUs, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/task#NASDAQ">TASK</a>) gained 14.4% to $14.17 following upbeat quarterly results.</li>
<li>Magnite, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mgni#NASDAQ">MGNI</a>) rose 13.8% to $11.93 following strong quarterly results.</li>
<li>Hayward Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hayw#NASDAQ">HAYW</a>) gained 13.7% to $14.88 following upbeat results.</li>
<li>Sprinklr, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cxm#NYSE">CXM</a>) gained 7.9% to $13.56. Sprinklr will replace Veradigm in S&amp;P SmallCap 600 effective prior to opening of trading on March 4, 2024.</li>
<li>Papa John&#39;s International, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pzza#NASDAQ">PZZA</a>) climbed 6.8% to $74.89 following strong quarterly earnings.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/02/37389900/top-3-real-estate-stocks-which-could-rescue-your-portfolio-this-month"> Top 3 Real Estate Stocks Which Could Rescue Your Portfolio This Month</a>

Hormel Foods Reports Upbeat Earnings, Joins Pure Storage, Okta, Papa John's International And Other Big Stocks Moving Higher On Thursday

As of Feb. 29, 2024, three stocks in the health care sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi"> RSI is above 70</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major overbought players in this sector.
<h3>Avidity Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rna#NASDAQ">RNA</a>)</h3>
<ul>
<li>On Feb. 28, Avidity Biosciences posted a wider-than-expected quarterly loss. &quot;With proven delivery of RNA to muscle and robust efficacy and long-term safety data from our ongoing clinical development programs, we are revolutionizing the delivery of RNA with our AOC technology,&quot; said Sarah Boyce, president and chief executive officer at Avidity. &quot;2024 is poised to be a transformative year for Avidity as we plan to initiate the global Phase 3 HARBOR&trade; trial for people living with DM1 and report data from all three of our clinical development programs to treat rare muscle diseases &ndash; DM1, FSHD and DMD44.&quot; The company&rsquo;s stock gained around 25% over the past month and has a <a href="https://www.benzinga.com/quote/RNA">52-week high of $24.84 </a>.</li>
<li>RSI Value: 80.36</li>
<li>RNA Price Action: Shares of Avidity Biosciences fell 0.3% to close at $15.26 on Wednesday.</li>
</ul>
<h3>Catalyst Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cprx#NASDAQ">CPRX</a>)</h3>
<ul>
<li>On Feb. 28, Catalyst Pharmaceuticals posted better-than-expected quarterly results. &quot;In 2023, Catalyst delivered exceptional financial performance demonstrated by robust revenue growth, exceeding our full-year guidance. Our confidence for continued growth is strengthened by the outstanding execution of our strategic initiatives, expansion of our product portfolio, and a growing commercial presence in the U.S. neuroscience market,&quot; stated Richard J. Daly, CEO of Catalyst. The company&rsquo;s stock gained around 6% over the past five days and <a href="https://www.benzinga.com/quote/CPRX"> has a 52-week high </a> of $18.22.</li>
<li>RSI Value: 75.19</li>
<li>CPRX Price Action: Shares of Catalyst Pharmaceuticals gained 1.5% to close at $14.56 on Wednesday.</li>
</ul>
<h3>Silk Road Medical, Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/silk#NASDAQ">SILK</a>)</h3>
<ul>
<li>On Feb. 28, Silk Road Medical posted a narrower-than-expected fourth-quarter loss. &ldquo;With the right team in place, broad reimbursement, and extensive evidence in support of TCAR, we are laser focused on deepening adoption in physicians who perform TCAR,&rdquo; said Chas McKhann, CEO of Silk Road Medical. The company&rsquo;s stock gained around 17% over the past month has a <a href="https://www.benzinga.com/quote/SILK"> 52-week high </a> of $48.44.</li>
<li>RSI Value: 77.31</li>
<li>SILK Price Action: Shares of Silk Road Medical gained 1.1% to close at $17.69 on Wednesday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/news/24/02/37386929/shoals-technologies-posts-weak-q4-results-joins-butterfly-network-schr-dinger-and-other-big-stocks-m"> Shoals Technologies Posts Weak Q4 Results, Joins Butterfly Network, Schr&ouml;dinger And Other Big Stocks Moving Lower In Thursday&#39;s Pre-Market Session </a>

Pre-Market Outlook

CPRX

SILK

Top 3 Health Care Stocks You May Want To Dump In Q1

Thursday&#8217;s premarket trading session saw substantial upward momentum propelled by major tech stocks, laying the groundwork for a promising session for <a href="https://www.benzinga.com/markets">U.S. equity indices</a>.
This surge comes as the Fed&#8217;s preferred measure of inflation meets anticipated levels from last month, thereby failing to disrupt expectations of potential interest rate cuts in the <a href="https://www.benzinga.com/news/econ-s/24/02/37392512/feds-preferred-inflation-gauge-matches-expectations-personal-income-soars-thursdays-economic-digest">first half of the year.</a>
Futures on the Nasdaq 100 Index edged up 0.6% to 18,000 points at 8:50 a.m. in New York, poised to fully recover Wednesday&#8217;s losses, according to data from the <a href="https://pro.benzinga.com/dashboard">Benzinga Pro platform</a>. 
Contracts on the S&amp;P 500 rose 0.4% to 5,090 points, reaching levels last observed at the beginning of the week.
The Dow Jones, which has limited exposure to tech stocks, saw only a marginal increase of 0.1%.
The most significant reaction was seen in small-cap stocks, with contracts on the Russell 2000 index, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), surging by 1.6%.
Yields on Treasury bonds fell, with the 10-year benchmark yield dropping to 4.25%. Market-implied probabilities on a Fed rate cut by June inched higher to 67%, up from Wednesday&#8217;s 62%. 
The U.S. Dollar Index (DXY), as monitored through the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), declined by 0.2% following the inflation data. 
<h3 class="wp-block-heading">Mega-Cap Stock Movers Premarket Thursday</h3>
<h4 class="wp-block-heading">Top Gainers</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>)</td>
<td>606.20</td>
<td>9.72</td>
<td>1.63%</td>
</tr>
<tr>
<td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td>
<td>1,310.00</td>
<td>20.58</td>
<td>1.60%</td>
</tr>
<tr>
<td>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>787.23</td>
<td>10.60</td>
<td>1.36%</td>
</tr>
<tr>
<td>Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</td>
<td>178.74</td>
<td>2.20</td>
<td>1.25%</td>
</tr>
<tr>
<td>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td>
<td>204.43</td>
<td>2.39</td>
<td>1.18%</td>
</tr>
</tbody>
</table>
</figure>
<h4 class="wp-block-heading">Worst Performers</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>PepsiCo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>)</td>
<td>166.00</td>
<td>-1.03</td>
<td>-0.62%</td>
</tr>
<tr>
<td>McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>)</td>
<td>293.52</td>
<td>-1.67</td>
<td>-0.57%</td>
</tr>
<tr>
<td>The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)</td>
<td>206.17</td>
<td>-0.83</td>
<td>-0.40%</td>
</tr>
<tr>
<td>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>)</td>
<td>196.85</td>
<td>-0.72</td>
<td>-0.36%</td>
</tr>
<tr>
<td>Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>)</td>
<td>54.90</td>
<td>-0.20</td>
<td>-0.36%</td>
</tr>
<tr>
<td>Texas Instruments Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</td>
<td>162.50</td>
<td>-0.54</td>
<td>-0.33%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">S&amp;P 500 Movers Premarket Thursday</h3>
<h4 class="wp-block-heading">Top Gainers</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>)</td>
<td>33.13</td>
<td>2.30</td>
<td>7.46%</td>
</tr>
<tr>
<td>Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>)</td>
<td>58.40</td>
<td>2.55</td>
<td>4.57%</td>
</tr>
<tr>
<td>Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>)</td>
<td>83.02</td>
<td>3.34</td>
<td>4.19%</td>
</tr>
<tr>
<td>Enphase Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NYSE">ENPH</a>)</td>
<td>123.89</td>
<td>4.79</td>
<td>4.02%</td>
</tr>
<tr>
<td>Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>)</td>
<td>137.28</td>
<td>5.22</td>
<td>3.95%</td>
</tr>
</tbody>
</table>
</figure>
<h4 class="wp-block-heading">Worst Performers</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>Bath &amp; Body Works, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>)</td>
<td>44.80</td>
<td>-3.53</td>
<td>-7.30%</td>
</tr>
<tr>
<td>NiSource Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NI#NYSE">NI</a>)</td>
<td>25.32</td>
<td>-0.53</td>
<td>-2.03%</td>
</tr>
<tr>
<td>HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>)</td>
<td>28.16</td>
<td>-0.56</td>
<td>-1.95%</td>
</tr>
<tr>
<td>CF Industries Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CF#NYSE">CF</a>)</td>
<td>78.64</td>
<td>-1.26</td>
<td>-1.58%</td>
</tr>
<tr>
<td>Dominion Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>)</td>
<td>47.59</td>
<td>-0.76</td>
<td>-1.57%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Russell 2000 Movers Premarket Thursday</h3>
<h4 class="wp-block-heading">Top Gainers</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>The Children&#8217;s Place, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLCE#NASDAQ">PLCE</a>)</td>
<td>24.98</td>
<td>5.78</td>
<td>30.10%</td>
</tr>
<tr>
<td>Sterling Check Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STER#NASDAQ">STER</a>)</td>
<td>15.61</td>
<td>3.19</td>
<td>25.72%</td>
</tr>
<tr>
<td>Avidity Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>)</td>
<td>18.49</td>
<td>3.23</td>
<td>21.17%</td>
</tr>
<tr>
<td>Voyager Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VYGR#NASDAQ">VYGR</a>)</td>
<td>10.85</td>
<td>1.88</td>
<td>20.96%</td>
</tr>
<tr>
<td>Duolingo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUOL#NASDAQ">DUOL</a>)</td>
<td>235.90</td>
<td>40.39</td>
<td>20.66%</td>
</tr>
<tr>
<td>C3.ai, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AI#NASDAQ">AI</a>)</td>
<td>35.28</td>
<td>5.59</td>
<td>18.83%</td>
</tr>
</tbody>
</table>
</figure>
Worst Performers
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>Ironwood Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRWD#NASDAQ">IRWD</a>)</td>
<td>10.59</td>
<td>-4.53</td>
<td>-29.96%</td>
</tr>
<tr>
<td>Xometry, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XMTR#NASDAQ">XMTR</a>)</td>
<td>21.50</td>
<td>-8.59</td>
<td>-28.55%</td>
</tr>
<tr>
<td>WW International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WW#NASDAQ">WW</a>)</td>
<td>2.83</td>
<td>-0.98</td>
<td>-25.82%</td>
</tr>
<tr>
<td>Butterfly Network, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BFLY#NYSE">BFLY</a>)</td>
<td>1.19</td>
<td>-0.29</td>
<td>-19.59%</td>
</tr>
<tr>
<td>LivePerson, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPSN#NASDAQ">LPSN</a>)</td>
<td>1.93</td>
<td>-0.47</td>
<td>-19.58%</td>
</tr>
<tr>
<td>FIGS, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIGS#NYSE">FIGS</a>)</td>
<td>5.00</td>
<td>-1.03</td>
<td>-17.08%</td>
</tr>
</tbody>
</table>
</figure>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37377354/american-express-hits-all-time-high-chart-points-to-upcoming-bull-battle-at-resista">American Express Hits All-Time High: Chart Points To Upcoming Bull Battle At Resistance Line</a>
Wall Street bull illustration created using artificial intelligence via MidJourney.

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Tech Stocks Set To Rise Thursday As January Inflation Data Fails To Scare Markets, Small Caps Surge