Avidity Biosciences price target raised to $45 from $33 at Chardan

Chardan raised the firm’s price target on Avidity Biosciences to $45 from $33 and keeps a Buy rating on the shares after the company announced initial safety and efficacy data from the phase I/II FORTITUDE trial, evaluating AOC 1020 in facioscapulohumeral muscular dystrophy, or FSHD. The efficacy data is from a small number of patients, but provides further validation of Avidity’s AOC design platform as an enabling technology for the successful development of small RNA therapeutics, while the presented data indicates drug safety is acceptable, the analyst tells investors.