** 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

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))