Avidity Biosciences price target raised to $65 from $56 at BofA

BofA raised the firm’s price target on Avidity Biosciences (RNA) to $65 from $56 and keeps a Buy rating on the shares. While Avidity’s potential as a takeout candidate is “less clear” following the equity raise, BofA remains bullish on the company’s pipeline, the analyst tells investors in a research note. The firm views the weakness in shares as an attractive buying opportunity. It sees the capital raise supporting Avidity’s inventory build and commercial footprint.