Avidity Biosciences (RNA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Ritu Baral from TD Cowen maintained a Buy rating on the stock and has a $78.00 price target.
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Ritu Baral has given her Buy rating due to a combination of factors that highlight Avidity Biosciences’ promising future prospects. The company is on track with its key clinical trials, including the Ph2/3 del-brax FORTITUDE trial for FSHD, which is expected to yield significant functional data by mid-2025. This trial has shown promising results in reducing DUX4-regulated genes and improving muscle function, which are critical indicators of success in treating FSHD.
Moreover, Avidity Biosciences has a strong financial position, with a cash reserve of approximately $1.38 billion, which supports its robust pipeline development. The company is also making progress in its collaboration with BMS, contributing to its revenue stream. These factors, combined with the potential for FDA alignment on an accelerated approval pathway using their proprietary biomarker, underpin Ritu Baral’s confidence in the company’s growth potential and justify the Buy rating.
According to TipRanks, Baral is a 4-star analyst with an average return of 4.5% and a 42.89% success rate. Baral covers the Healthcare sector, focusing on stocks such as Alnylam Pharma, Sarepta Therapeutics, and Amicus.
In another report released on May 2, RBC Capital also maintained a Buy rating on the stock with a $61.00 price target.