Avidity Biosciences price target raised to $65 from $60 at Chardan

Chardan raised the firm’s price target on Avidity Biosciences (RNA) to $65 from $60 and keeps a Buy rating on the shares after the company provided an update for its Phase I/II FORTITUDE trial, evaluating del-brax in facioscapulohumeral muscular dystrophy patients. The firm believes the four mg/kg data has provided further validation of Avidity’s novel circulating biomarker. The price target increase reflects an increase in the probability of success from 40% to 50% for del-brax targeting facioscapulohumeral muscular dystrophy, the analyst tells investors in a research note.