Analyst Yanan Zhu of Wells Fargo maintained a Buy rating on Avidity Biosciences, boosting the price target to $75.00.
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Yanan Zhu has given his Buy rating due to a combination of factors that highlight Avidity Biosciences’ strong position in the muscle disease treatment market. The company is poised to benefit from its first- and best-in-class status across its three muscle disease programs, with significant regulatory milestones anticipated between the end of 2025 and the second half of 2026. These developments are expected to drive positive momentum for the stock.
Despite reporting a net loss per share that was higher than consensus expectations, Avidity Biosciences maintains a robust cash position, which is projected to support operations until mid-2027. The company has also secured a manufacturing agreement with Lonza, ensuring future production capabilities. Additionally, the company’s progress in clinical trials and regulatory filings, particularly with its Del-zota, Del-brax, and Del-desiran programs, underscores its potential for accelerated approval and market launch, further justifying the Buy rating.
In another report released today, Barclays also maintained a Buy rating on the stock with a $62.00 price target.
RNA’s price has also changed moderately for the past six months – from $34.920 to $47.520, which is a 36.08% increase.