Avidity Biosciences (RNA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Tazeen Ahmad from Bank of America Securities reiterated a Buy rating on the stock and has a $48.00 price target.
Tazeen Ahmad’s rating is based on the promising clinical data and future potential of Avidity Biosciences’ del-zota treatment for Duchenne Muscular Dystrophy (DMD). The company reported positive topline results from their phase 1/2 trial, showing significant increases in exon 44 skipping and dystrophin production, which are crucial for treating DMD. This progress, coupled with the FDA’s alignment on an accelerated approval path, supports the optimistic outlook for the company’s future prospects.
Furthermore, the safety profile of del-zota remains consistent, with most adverse events being mild or moderate, and no new safety concerns emerging in the recent trial cohort. The company’s strategic plans to expand into other muscular dystrophy treatments, such as DM1 and FSHD, also contribute to the positive assessment. These factors, along with financial adjustments reflecting a more robust commercial infrastructure, underpin the Buy rating with a price objective of $48.
In another report released yesterday, Citi also reiterated a Buy rating on the stock with a $70.00 price target.
RNA’s price has also changed moderately for the past six months – from $42.190 to $33.830, which is a -19.82% drop .