Avidity Biosciences price target raised to $75 from $65 at Chardan

Chardan analyst Keay Nakae raised the firm’s price target on Avidity Biosciences (RNA) to $75 from $65 and keeps a Buy rating on the shares after the company announced topline results from the dose escalation portion of the FORTITUDE trial and that it has received written confirmation from the FDA on an accelerated approval pathway for del-brax in Facioscapulohumeral Muscular Dystrophy using a novel circulating biomarker, cDUX. The firm’s new price target reflects an increase in the estimated probability of success to 60% from 50% for del-brax targeting FSHD, the analyst tells investors.