Avidity Biosciences price target raised to $65 from $60 at Leerink

Leerink raised the firm’s price target on Avidity Biosciences (RNA) to $65 from $60 and keeps an Outperform rating on the shares. The firm says that the company’s conference call reinforced what Avidity has been saying all along, namely that they can connect all the dots for del-brax in facioscapulohumeral muscular dystrophy/FSHD, which will support accelerated approval; and highlighted how their execution keeps paying off. The company’s management carefully laid out their alignment with the FDA on an accelerated approval path, the longer-term data from the FORTITUDE study, and their plans going forward. Leerink is increasing its Probability of Success for del-brax in to 60% from 40% and align potential launch timing with Avidity’s updated guidance on data timing.