TD Cowen analyst Ritu Baral maintained a Buy rating on Avidity Biosciences (RNA – Research Report) yesterday and set a price target of $78.00.
Ritu Baral has given her Buy rating due to a combination of factors, primarily focusing on the promising clinical developments and financial stability of Avidity Biosciences. The company is on track with multiple clinical datasets across its programs, including significant progress in the del-zota program for Duchenne Muscular Dystrophy (DMD), which has shown impressive results in increasing dystrophin levels and reducing muscle damage markers. The alignment with the FDA on an accelerated approval pathway for del-zota further strengthens the potential for regulatory success, which is a positive indicator for future growth.
Additionally, Avidity Biosciences maintains a strong financial position, with a solid cash runway to support its pipeline development despite reporting a net loss for the quarter. The increase in research and development expenses reflects the company’s commitment to advancing its clinical programs, while the collaboration revenues from partnerships provide additional financial support. These factors combined suggest a favorable outlook for the company’s stock, justifying the Buy rating.
According to TipRanks, Baral is a 5-star analyst with an average return of 9.3% and a 46.34% success rate. Baral covers the Healthcare sector, focusing on stocks such as Insmed, Alnylam Pharma, and Sarepta Therapeutics.
In another report released on February 13, Leerink Partners also reiterated a Buy rating on the stock with a $60.00 price target.