Wolfe Research analyst Andy Chen last night initiated coverage of Avidity Biosciences (RNA) with an Outperform rating and $55 price target Avidity is a clinical stage biotech focused on treating rare muscle diseases including Duchenne muscular dystrophy, myotonic dystrophy and facioscapulohumeral muscular dystrophy, the analyst tells investors in a research note. The firm sees myotonic dystrophy being the primary value driver for the stock. Given the mechanism and strength of biomarker and functional data thus far, Wolfe has “conservatively high conviction” in Phase 3 success and future approval. Despite launching after Dyne, the firm believes Avidity can still outpace and capture meaningful market share.
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