BofA analyst Tazeen Ahmad raised the firm’s price target on Avidity Biosciences (RNA) to $56 from $54 and keeps a Buy rating on the shares. Avidity Biosciences 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 including 4-stair climb, 10MWRT, TTR, PUL2 and NSAA, the analyst tells investors in a research note. 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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RNA:
- Avidity Biosciences’ Del-Zota Shows Promising Data in DMD, Justifying Buy Rating and $56 Price Target
- Closing Bell Movers: Opendoor up 36% after management reshuffle
- Avidity Biosciences announces $500M common stock offering
- Cantor finds Avidity data highly supportive of del-zota best-in-class potential
- Avidity Biosciences: Promising Phase 1/2 Trial Results and FDA Agreement Boost Buy Rating