Scotiabank analyst Louise Chen initiated coverage of Avidity Biosciences (RNA) with an Outperform rating and $70 price target The firm sees a good entry point for the shears ahead of potential approval for three therapies with blockbuster potential, where no other approved drugs currently exist. All three Avidity drugs are in registrational studies, but accelerated approval is possible for Del-zota and Del-brax, the analyst tells investors in a research note. Scotiabank expect sthe stock to trade higher as FDA approvals come into focus for the assets.
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