Tazeen Ahmad, an analyst from Bank of America Securities, maintained the Buy rating on Avidity Biosciences (RNA – Research Report). The associated price target remains the same with $48.00.
Tazeen Ahmad’s rating is based on several strategic factors that position Avidity Biosciences favorably in the biotech sector. The company is expected to experience minimal impact from recent FDA restructuring, particularly as their key dystrophy programs fall under a different regulatory umbrella, ensuring continuity in their development timelines. Additionally, Avidity Biosciences has completed enrollment in a critical trial for FSHD, which could lead to accelerated approval, highlighting their potential first-mover advantage in a market with significant unmet needs.
Furthermore, Avidity Biosciences is advancing towards regulatory filings for its three dystrophy programs, with promising timelines for approvals and launches. The company is seen as a leader in the FSHD space, especially after a competitor’s recent failure, and is projected to achieve substantial peak sales in the coming years. These factors, combined with a strong commercial strategy and potential market leadership, underpin Ahmad’s Buy rating for the stock.
In another report released on March 18, TD Cowen also maintained a Buy rating on the stock with a $78.00 price target.
RNA’s price has also changed moderately for the past six months – from $45.930 to $29.520, which is a -35.73% drop .