Needham analyst Joseph Stringer maintained a Buy rating on Avidity Biosciences today and set a price target of $65.00.
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Joseph Stringer has given his Buy rating due to a combination of factors surrounding Avidity Biosciences’ recent developments. The company announced promising initial functional data from their ongoing Phase 1/2 trial involving del-zota for patients with Duchenne Muscular Dystrophy who are suitable for exon 44 skipping. The results demonstrated significant clinical improvements in key functional measures, which are crucial indicators of treatment efficacy.
Moreover, Avidity Biosciences had already reached an agreement with the FDA regarding dystrophin levels for Accelerated Approval, making the functional data an added advantage rather than a necessity for their Biologics License Application submission. This strengthens their submission package and bodes well for the upcoming global Phase 3 confirmatory trial. Consequently, the positive trial outcomes have led to an increase in the price target for the stock, reflecting the enhanced confidence in the company’s future prospects.
In another report released today, Cantor Fitzgerald also maintained a Buy rating on the stock with a $96.00 price target.