Analyst Ritu Baral of TD Cowen maintained a Buy rating on Avidity Biosciences, retaining the price target of $78.00.
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Ritu Baral has given her Buy rating due to a combination of factors including Avidity Biosciences’ promising clinical trial outcomes and strong financial positioning. The company has demonstrated significant progress in its pipeline, particularly with the del-zota program for Duchenne muscular dystrophy (DMD), which has shown impressive increases in dystrophin levels and reductions in muscle damage biomarkers, surpassing competitor results.
Furthermore, Avidity Biosciences has secured a robust cash position to support its ongoing research and development efforts, ensuring the advancement of its pipeline. The company’s strategic partnership with Lonza for the manufacturing of commercial-grade drug substances and products further strengthens its operational capabilities. These elements, combined with the FDA’s positive reception of the del-zota data, position Avidity Biosciences favorably for accelerated approval pathways, enhancing its potential for future growth.
In another report released today, Needham also maintained a Buy rating on the stock with a $60.00 price target.