Ananda Ghosh, an analyst from H.C. Wainwright, maintained the Buy rating on Avidity Biosciences. The associated price target remains the same with $68.00.
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Ananda Ghosh has given his Buy rating due to a combination of factors that highlight the promising potential of Avidity Biosciences. The company’s recent announcement regarding the FDA’s agreement on both accelerated and full approval pathways for del-brax in treating FSHD is a significant milestone. Additionally, the initiation of the global confirmatory Phase 3 study, FORTITUDE-3, further strengthens the company’s position.
Moreover, Avidity’s programs across different indications, including del-zota for DMD44 and del-desiran for DM1, have shown reproducible AOC delivery into muscle with clean safety profiles. The validation of del-desiran by MARINA and MARINA OLE trials, demonstrating safety and sustained improvement in clinical endpoints, underscores the potential of the AOC platform. The promising results from del-zota in increasing dystrophin levels and the identification of cDUX as a surrogate endpoint for del-brax’s accelerated approval highlight the transformative potential of Avidity’s pipeline, justifying the Buy rating.
In another report released on August 8, Barclays also maintained a Buy rating on the stock with a $62.00 price target.