Avidity Biosciences price target raised to $60 from $45 at Chardan

Chardan raised the firm’s price target on Avidity Biosciences to $60 from $45 and keeps a Buy rating on the shares after the company announced data from Part B of the Phase I/II EXPLORE44 trial evaluating delpacibart zotadirsen in DMD patients amenable to therapy that achieves exon 44 skipping. While the data is from a small number of patients receiving 5mg/kg doses, it does provide further validation of Avidity’s AOC design platform and positions the company to continue to evaluate additional DMD 44 patients in order to accumulate sufficient patient experience that could support a possible accelerated approval, the analyst tells investors.