Avidity Biosciences price target raised to $45 from $40 at Evercore ISI

Evercore ISI raised the firm’s price target on Avidity Biosciences to $45 from $40 and keeps an Outperform rating on the shares. The company reported a “very encouraging” first look at its facioscapulohumeral muscular dystrophy data, the analyst tells investors in a research note. The firm says safety was “very clean” while the muscle delivery and efficacy de-risks Avidity’s TfR1 muscle delivery platform. Evercore says it can begin assigning value earlier to the company’s newly unveiled programs.