Bank of America Securities analyst Tazeen Ahmad has reiterated their bullish stance on RNA stock, giving a Buy rating yesterday.
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Tazeen Ahmad has given his Buy rating due to a combination of factors including the promising open label extension data for Avidity Biosciences’ del-zota treatment in Duchenne Muscular Dystrophy (DMD) patients. The data showed significant improvements in several functional endpoints, such as the 4-stair climb and 10-meter walk/run test, alongside a substantial reduction in creatine kinase levels, which are indicative of muscle damage. This suggests a strong therapeutic benefit and supports the potential for accelerated approval by the end of the year.
Furthermore, the management’s strategic plans to engage with global regulators and align on a confirmatory study design bolster confidence in the company’s pipeline. Despite a reported serious adverse event related to hypersensitivity, the quick resolution and absence of long-term effects suggest that the benefits of del-zota outweigh the risks. Additionally, the potential expansion of the AOC platform into other DMD exon subtypes and the increased likelihood of success for future programs contribute to the positive outlook, justifying the Buy rating and the new price objective of $56.
In another report released yesterday, Cantor Fitzgerald also maintained a Buy rating on the stock with a $96.00 price target.