Leerink Partners analyst Joseph Schwartz maintained a Buy rating on Avidity Biosciences (RNA – Research Report) on March 31 and set a price target of $60.00.
Joseph Schwartz has given his Buy rating due to a combination of factors related to Avidity Biosciences’ progress in their FORTITUDE study for delpacibart braxlosiran (del-brax) in treating facioscapulohumeral muscular dystrophy (FSHD). The company has successfully completed enrollment in the biomarker cohort of the Phase 1/2 study ahead of schedule, which is a positive indicator of their operational efficiency and commitment to advancing their clinical programs.
Furthermore, the initial data from the study showed promising results, with significant reductions in DUX4-related gene expression and improvements in muscle function and patient outcomes. These findings suggest potential efficacy of del-brax, which could lead to accelerated approval based on novel biomarkers. The anticipation of multiple updates and regulatory interactions in the coming quarters provides a strong catalyst for the stock, supporting Schwartz’s optimistic outlook and Buy rating.
In another report released on March 31, Bank of America Securities also maintained a Buy rating on the stock with a $48.00 price target.
RNA’s price has also changed moderately for the past six months – from $45.930 to $29.520, which is a -35.73% drop .