In a report released today, Ananda Ghosh from H.C. Wainwright maintained a Buy rating on Avidity Biosciences (RNA – Research Report), with a price target of $72.00.
Ananda Ghosh has given his Buy rating due to a combination of factors surrounding Avidity Biosciences’ promising developments in their drug pipeline. The company is nearing potential approval for their drug del-zota, which could become the first and best-in-class treatment for DMD44, a form of muscular dystrophy. The topline data to be presented at the upcoming Muscular Dystrophy Association Conference, along with the preparation for a Biologics License Application, suggests a strong likelihood of approval.
Furthermore, Avidity’s clinical data shows significant improvements in dystrophin production and creatine kinase levels, which are critical biomarkers for muscle health. The company’s platform has demonstrated a notable increase in exon skipping activity and dystrophin production, approaching normal levels, which is indicative of the drug’s efficacy. Additionally, the safety and tolerability data support the potential for both accelerated and full approval. These factors, combined with the promising data from their FSHD program, contribute to Ghosh’s positive outlook on the stock.
In another report released today, Barclays also maintained a Buy rating on the stock with a $57.00 price target.