Analyst Yanan Zhu of Wells Fargo maintained a Buy rating on Avidity Biosciences (RNA – Research Report), retaining the price target of $70.00.
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Yanan Zhu has given his Buy rating due to a combination of factors that highlight Avidity Biosciences’ strong market position and future potential. The recent regulatory update from Dyne Therapeutics, a competitor, has reinforced Avidity’s advantage in the market. Avidity’s del-desiran is now positioned as the first to market with full approval, backed by a comprehensive efficacy and safety database, making it well-prepared to meet the needs of patients seeking initial treatment.
Yanan Zhu also notes that changes in Dyne’s clinical trial endpoints and protocol adjustments are likely to extend their timeline, which could further solidify Avidity’s lead. Additionally, differences in product labeling between Avidity and its competitor may influence adoption rates and reimbursement strategies, potentially benefiting Avidity. These factors collectively support a favorable outlook for Avidity Biosciences, justifying the Buy rating.
In another report released today, Barclays also maintained a Buy rating on the stock with a $59.00 price target.