Avidity Biosciences Positioned for Market Leadership with Promising DM1 Treatment in Phase 3 Trial

Analyst Tazeen Ahmad of Bank of America Securities maintained a Buy rating on Avidity Biosciences (RNA – Research Report), retaining the price target of $54.00.

Tazeen Ahmad’s rating is based on Avidity Biosciences’ promising position in the development of a treatment for myotonic dystrophy type 1 (DM1), a condition with no currently approved therapies. The company’s lead candidate, del-desiran, is in a pivotal Phase 3 trial, which is the most advanced stage among competitors. This trial, known as the HARBOR study, is expected to complete enrollment by mid-2025, with top-line results anticipated in the first half of 2026.
Ahmad views the Phase 3 trial as relatively low-risk due to positive results from previous studies, where del-desiran showed significant improvements in key clinical measures. Additionally, the competitive landscape favors Avidity Biosciences, as rivals are still aligning their strategies with regulatory requirements. If successful, del-desiran could dominate the market, particularly since prescribers and payors are likely to prefer a fully approved treatment over those with accelerated approval. These factors contribute to the projected peak sales and support the Buy rating with a price objective of $54.

In another report released on June 16, Wolfe Research also initiated coverage with a Buy rating on the stock with a $55.00 price target.

RNA’s price has also changed moderately for the past six months – from $32.740 to $29.360, which is a -10.32% drop .