Raymond James initiated coverage of Avidity Biosciences (RNA) with a Strong Buy rating and $65 price target as part of a broader research note on selection Biotech names. Risk/reward skews favorably across the sector, though while companies with high PoS – probability of success – lead assets allow for higher conviction, highly attractive skews on less de-risked assets may deliver the most outsized returns, the analyst tells investors in a research note. For the company, the firm cites its high conviction in del-zota becoming the first approved drug from Avidity’s antibody oligonucleotide conjugate – AOC – platform, Raymond James added.
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