Analyst Joseph Schwartz from Leerink Partners reiterated a Buy rating on Avidity Biosciences (RNA – Research Report) and keeping the price target at $60.00.
Joseph Schwartz has given his Buy rating due to a combination of factors surrounding Avidity Biosciences’ promising developments. The company’s next-generation exon skipper candidate, del-zota, has shown impressive efficacy in treating Duchenne muscular dystrophy (DMD) patients who are amenable to exon 44 skipping. The data indicates significant improvements, including increased exon 44 skipping, enhanced normal dystrophin expression, and substantial reductions in creatine kinase and other muscle damage markers. These results suggest sustained improvements in muscle damage, which bodes well for the potential functional impact on patients.
Furthermore, Avidity Biosciences is on track to file a Biologics License Application (BLA) by the end of 2025, with no additional biopsies required for newly enrolled patients. This program is set to be the company’s first commercial launch, with preparations already underway, including drug production and the development of patient services and market access teams. Although DMD represents the smallest of their potential commercial launches, it is expected to lay the groundwork for future launches in other muscular dystrophies, setting the company up for success. Joseph Schwartz reiterates a price target of $60 and an Outperform rating.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $78.00 price target.
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