H.C. Wainwright analyst Ananda Ghosh has maintained their bullish stance on RNA stock, giving a Buy rating on March 13.
Ananda Ghosh’s rating is based on several promising factors related to Avidity Biosciences’ recent data and future prospects. The Del-Zota data presented in the EXPLORE trial indicates a strong safety profile, which not only benefits the current DMD-44 program but also enhances the value of the company’s platform, including its DM1 and FSHD programs. The trial results show a significant increase in dystrophin levels, setting a new benchmark compared to existing treatments, and demonstrate advantages for a broad range of patients, both ambulatory and non-ambulatory, across various age groups.
Moreover, the data highlights the potential of the company’s platform with promising results in PMO concentration and biomarker improvements, such as creatine kinase, which could have implications for labeling and reimbursement. The consistency of the CK data across different patient groups and its alignment with other muscle biomarkers further supports the drug’s mechanism of action. With a clear regulatory path and expectations for a BLA filing by the end of 2025, followed by potential approval in 2026, Avidity Biosciences is well-positioned for future success, justifying the Buy rating.
According to TipRanks, Ghosh is an analyst with an average return of -7.2% and a 40.00% success rate.
In another report released on March 13, Citi also initiated coverage with a Buy rating on the stock with a $70.00 price target.