Joseph Schwartz, an analyst from Leerink Partners, reiterated the Buy rating on Avidity Biosciences (RNA – Research Report). The associated price target remains the same with $60.00.
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Joseph Schwartz has given his Buy rating due to a combination of factors that highlight Avidity Biosciences’ promising outlook. The company is making significant strides in building a global commercial infrastructure, preparing for the launch of three potential products in rapid succession. These products include del-zota for Duchenne muscular dystrophy, del-desiran for myotonic dystrophy type 1, and del-brax for facioscapulohumeral muscular dystrophy, with the first launch anticipated in 2026.
Additionally, Avidity Biosciences has demonstrated flexibility in its approach to accelerated approval for its FSHD program, which could facilitate alignment with the FDA. The company is also on track with its DM1 program and has shown positive data for del-zota, indicating sustained improvements in muscle damage markers. These developments, combined with the absence of potential roadblocks for their DMD BLA, support the optimistic outlook and justify the Buy rating.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $68.00 price target.