Avidity Biosciences Receives Buy Rating Due to Promising FSHD Program Developments and Accelerated FDA Approval Pathway

In a report released today, Joseph Stringer from Needham maintained a Buy rating on Avidity Biosciences (RNA – Research Report), with a price target of $60.00.

Joseph Stringer has given his Buy rating due to a combination of factors related to Avidity Biosciences’ promising developments in their FSHD program. A key reason for the positive outlook is the FDA’s confirmation of an accelerated approval pathway for their del-brax treatment, which is based on the novel cDUX circulating biomarker. This pathway could potentially expedite the availability of the treatment to patients.
Additionally, Avidity’s commitment to completing an 18-month global confirmatory Phase 3 FORWARD trial further supports the Buy rating, as it demonstrates the company’s dedication to validating their treatment’s efficacy. Moreover, the recent 12-month data from the dose-escalation cohorts in the Phase 1/2 FORTITUDE trial showed consistent improvements in mobility and muscle strength, which strengthens confidence in the treatment’s potential success.

In another report released today, Bank of America Securities also maintained a Buy rating on the stock with a $54.00 price target.