Avidity Biosciences, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Tazeen Ahmad from Bank of America Securities maintained a Buy rating on the stock and has a $54.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Tazeen Ahmad’s rating is based on Avidity Biosciences’ promising pipeline and strategic developments. The company is seen as a leader in the muscular dystrophy field, with three assets in pivotal stages of development. The anticipated data readouts for myotonic dystrophy type 1 (DM1) and facioscapulohumeral muscular dystrophy (FSHD) in 2026 could lead to significant market opportunities, especially given the high unmet medical need and absence of approved therapies.
Moreover, the potential takeover interest from Novartis adds an additional layer of attractiveness to the stock. Avidity Biosciences is also poised to file for regulatory approval for a Duchenne muscular dystrophy treatment by the end of the year, which could be the first of three potential filings in the next 18 months. The recent regulatory alignment for FSHD and the company’s strategic approach to leveraging a single commercial field force for multiple launches further strengthen the Buy rating.
According to TipRanks, Ahmad is an analyst with an average return of -3.5% and a 49.90% success rate. Ahmad covers the Healthcare sector, focusing on stocks such as Avidity Biosciences, Apellis Pharmaceuticals, and Argenx Se.