Positive trial data demonstrated the first successful targeted delivery of RNA into muscle
Avidity Biosciences Inc (NASDAQ:RNA) is soaring this morning, after the biotech company shared positive data from a trial demonstrating the first-ever successful targeted delivery of RNA into muscle. This breakthrough may expand RNA therapies' ability to treat diseases and and other targets.
In response, the stock is trading at its highest level since November, last seen up 38.4% at $15.20. The shares are extending their bounce off a Dec. 7, record low of $9.83, and are on track for their best single-session gain of all-time. Year-over-year, RNA still carries a hefty 55.5% deficit, however.
Short sellers have been piling on the stock of late. Short interest is up 26.3% in the last two reporting periods, and the 7.02 million shares sold short make up 13.8% of RNA's available float, or more than two weeks' worth of pent-up buying power. Should this pessimism begin to unwind, the stock could surge even higher.
The stock' usually quiet options pits are bursting with activity today. So far, 372 calls have crossed the tape, which is 93 times the volume that's typically seen at this point. The most popular contracts are the December 12.50 put and 17.50 call, with new positions being opened at both.