Avidity Biosciences price target raised to $56 from $54 at BofA

BofA raised the firm’s price target on Avidity Biosciences (RNA) to $56 from $54 and keeps a Buy rating on the shares. Avidity reported open label extension data for del-zota in DMD, which demonstrated clinically meaningful improvements on several functional endpoints from baseline at roughly 1-year compared to natural history data, the analyst tells investors. BofA is “highly encouraged” by del-zota’s “near unprecedented” functional benefit as an exon skipper, noting the data helps validate the benefits of the robust dystrophin production demonstrated at the phase 1/2 topline study earlier this year, the firm added.