Goldman Sachs analyst Corinne Johnson maintained a Buy rating on Avidity Biosciences yesterday and set a price target of $53.00.
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Corinne Johnson’s rating is based on the promising data presented by Avidity Biosciences for their drug del-zota in the treatment of Duchenne Muscular Dystrophy (DMD) with mutations amenable to exon 44 skipping. The data from the EXPLORE44-OLE trial showed functional improvements in patients and reinforced previous dystrophin data, suggesting a strong potential for the drug’s success. The company’s plans to file for accelerated approval in the U.S. by the end of 2025 and to start a global Phase 3 trial further support the positive outlook.
Additionally, Avidity Biosciences is exploring the translatability of their platform to other DMD indications and aims to apply for platform designation post-approval, which could enhance development efficiency across the broader DMD population. The upcoming catalysts, including data from other trials in DM1 and FSHD, also contribute to the positive sentiment, positioning Avidity Biosciences as a company with significant growth potential in the biopharmaceutical sector.
According to TipRanks, Johnson is a 3-star analyst with an average return of 4.4% and a 51.97% success rate. Johnson covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals, Avidity Biosciences, and Amylyx Pharmaceuticals Inc.
In another report released today, Wells Fargo also maintained a Buy rating on the stock with a $75.00 price target.