In a report released yesterday, Ritu Baral from TD Cowen maintained a Hold rating on Avidity Biosciences, with a price target of $74.00.
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Ritu Baral has given her Hold rating due to a combination of factors surrounding Avidity Biosciences. The company’s ongoing acquisition by Novartis is a significant event, with the transaction expected to close in the first half of 2026, pending necessary approvals. This acquisition, valued at $72 per share, introduces a level of uncertainty that often warrants a Hold rating as investors await further clarity on the outcome.
Additionally, Avidity Biosciences is advancing several clinical programs, including those for FSHD, DM1, and DMD, with important data readouts and regulatory filings anticipated in 2026. Despite these promising developments, the company’s financial performance in the third quarter of 2025 showed a net loss, which may contribute to a cautious outlook. The planned spin-off of preclinical and collaboration assets into a new entity, SpinCo, adds another layer of complexity to the company’s future prospects, justifying a Hold rating as the situation evolves.