Promising Developments in Avidity Biosciences’ FSHD Program Justify Buy Rating

Analyst Yanan Zhu of Wells Fargo maintained a Buy rating on Avidity Biosciences (RNA – Research Report), with a price target of $70.00.

Yanan Zhu has given his Buy rating due to a combination of factors that highlight the promising developments in Avidity Biosciences’ FSHD program. The confirmation from the FDA that the Accelerated Approval (AA) pathway is open for del-brax in FSHD, along with the identification of a primary endpoint in the biomarker cohort, underscores the potential for regulatory progress. The company plans to file a Biologics License Application (BLA) in the second half of 2026, which is a significant milestone.
Furthermore, the positive 12-month data from the FORTITUDE study, showing consistent improvements across various endpoints and dose groups, strengthens the case for the efficacy of del-brax. The initiation of the Phase 3 confirmatory study, FORWARD, with a well-aligned design with the FDA, further supports the potential for successful outcomes. These developments collectively suggest a strong future for Avidity Biosciences, justifying the Buy rating.

In another report released yesterday, Raymond James also initiated coverage with a Buy rating on the stock with a $65.00 price target.

RNA’s price has also changed moderately for the past six months – from $36.850 to $32.660, which is a -11.37% drop .