Avidity Biosciences (RNA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Joseph Schwartz from Leerink Partners reiterated a Buy rating on the stock and has a $60.00 price target.
Joseph Schwartz has given his Buy rating due to a combination of factors highlighting Avidity Biosciences’ strategic advancements and promising pipeline. The company is making significant progress with its drug candidates, particularly in the area of facioscapulohumeral muscular dystrophy (FSHD), where updates are expected in the second quarter of 2025. This progress is complemented by Avidity’s strategic flexibility in pursuing accelerated approval pathways, which could align well with FDA expectations.
Additionally, Avidity Biosciences is on track with its plans for myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD), with a focus on launching these treatments in a timely manner. The anticipated BLA submission for del-zota in DMD later this year, along with the absence of potential roadblocks, further supports the positive outlook. These factors, coupled with a reiterated price target of $60, underpin the Outperform rating and suggest a strong growth potential for the company’s stock.
Schwartz covers the Healthcare sector, focusing on stocks such as Avidity Biosciences, Insmed, and Sarepta Therapeutics. According to TipRanks, Schwartz has an average return of 5.4% and a 38.22% success rate on recommended stocks.
In another report released on April 9, Needham also maintained a Buy rating on the stock with a $60.00 price target.