In a report released yesterday, Tazeen Ahmad from Bank of America Securities maintained a Buy rating on Avidity Biosciences, with a price target of $54.00.
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Tazeen Ahmad has given his Buy rating due to a combination of factors including Avidity Biosciences’ strategic plans and promising regulatory advancements. The company is targeting regulatory approval filings for three lead programs within the next 18 months, which positions them as a potential leader in the muscular dystrophy space. The recent alignment with the FDA on an accelerated approval path for facioscapulohumeral muscular dystrophy (FSHD) is seen as a positive development, providing a clear path to market and reinforcing the company’s first-to-market potential.
Furthermore, Avidity Biosciences is on track with its pivotal phase 3 studies for myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD) exon 44, with anticipated filings and data releases that could further solidify their market position. The company’s management has expressed confidence in their commercial strategy, leveraging overlap in the physician community across their programs. This strategic positioning, combined with the potential for significant sales, supports the Buy rating with a price objective of $54.
Ahmad covers the Healthcare sector, focusing on stocks such as Incyte, Ultragenyx Pharmaceutical, and ACADIA Pharmaceuticals. According to TipRanks, Ahmad has an average return of -4.2% and a 47.24% success rate on recommended stocks.
In another report released on July 11, Evercore ISI also maintained a Buy rating on the stock with a $70.00 price target.