Leerink Partners analyst Joseph Schwartz reiterated a Buy rating on Avidity Biosciences (RNA – Research Report) on February 27 and set a price target of $60.00.
Joseph Schwartz has given his Buy rating due to a combination of factors that highlight Avidity Biosciences’ promising pipeline and strategic preparations for upcoming product launches. The company is on the brink of a transformative year with significant updates expected for their programs targeting myotonic dystrophy type 1, facioscapulohumeral muscular dystrophy, and Duchenne muscular dystrophy. These advancements are crucial as RNA is gearing up for several successive launches, starting with a Biologics License Application submission for their Duchenne muscular dystrophy program by the end of 2025.
Furthermore, the completion of enrollment in key clinical studies and the availability of an accelerated approval path for their Duchenne muscular dystrophy treatment underscore the company’s strategic positioning. The anticipated presentation of topline data and the progression of their Phase 3 study for myotonic dystrophy type 1 further reinforce the potential for positive outcomes. These developments, coupled with RNA’s efforts to build a synergistic franchise for their target patient populations, contribute to Schwartz’s optimistic outlook and Buy rating for the stock.
In another report released on February 28, Needham also maintained a Buy rating on the stock with a $60.00 price target.