Analyst Joseph Stringer of Needham maintained a Buy rating on Avidity Biosciences (RNA – Research Report), with a price target of $60.00.
Joseph Stringer has given his Buy rating due to a combination of factors including the promising developments in Avidity Biosciences’ pipeline programs. The company has reiterated its timelines for key catalysts and events across its programs in DM1, DMD44, and FSHD, which are expected to drive the stock’s performance in 2025.
Key drivers for the stock include anticipated data releases and regulatory progress. Specifically, the Phase 1/2 open-label extension (OLE) data from the DMD44 program and updated long-term OLE data from the DM1 program are expected in the fourth quarter of 2025. Additionally, regulatory alignment and the initiation of a Phase 3 registrational trial in FSHD are projected for the second quarter of 2025. These developments, coupled with a strong year-end 2024 cash position of $1.5 billion, underpin the positive outlook for Avidity Biosciences.
In another report released today, RBC Capital also maintained a Buy rating on the stock with a $61.00 price target.