Analyst Kostas Biliouris from BMO Capital maintained a Buy rating on Avidity Biosciences (RNA – Research Report) and keeping the price target at $72.00.
Kostas Biliouris has given his Buy rating due to a combination of factors including the promising data from Avidity Biosciences’ DMD program. The company’s alignment with the FDA on a 5mpk registrational dose for Del-zota, along with plans for a BLA filing by the end of 2025, reflects a strategic approach to achieving accelerated approval. The efficacy data for Del-zota at 10mpk is consistent with the 5mpk dose, indicating a saturated effect that maintains efficacy while minimizing safety risks.
Moreover, the safety profile of Del-zota, despite some transient anemia adverse events, is considered acceptable and provides a positive outlook for other programs like Del-desiran and Del-brax. The potential for Avidity to become a commercial entity by 2026, with a significant market opportunity in DMD, further supports the Buy rating. Biliouris also highlights the first-in-disease opportunities with Del-desiran and Del-brax, which demonstrate strong efficacy and safety in trials, suggesting successful future regulatory approvals.
According to TipRanks, Biliouris is an analyst with an average return of -11.4% and a 33.49% success rate. Biliouris covers the Healthcare sector, focusing on stocks such as Legend Biotech, BioMarin Pharmaceutical, and Sarepta Therapeutics.
In another report released today, Scotiabank also maintained a Buy rating on the stock with a $70.00 price target.