In a report released yesterday, Tazeen Ahmad from Bank of America Securities reiterated a Buy rating on Avidity Biosciences, with a price target of $65.00.
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Tazeen Ahmad has given his Buy rating due to a combination of factors including Avidity Biosciences’ strategic progress and promising clinical data. The company has successfully completed a positive pre-BLA meeting with the FDA for their del-zota treatment for DMD, which is now expected to be filed in the first quarter of 2026. This delay is to ensure comprehensive CMC data submission, which strengthens the likelihood of accelerated approval.
Additionally, the robust clinical data supporting del-zota, including significant improvements in dystrophin production and functional endpoints, bolsters confidence in its approvability. Avidity Biosciences is also on track with its DM1 and FSHD programs, with potential blockbuster opportunities due to the large patient populations and lack of approved therapies. These factors, along with the company’s clear path to market and significant sales potential, underpin the Buy rating with a price objective of $65.
According to TipRanks, Ahmad is an analyst with an average return of -1.8% and a 51.74% success rate. Ahmad covers the Healthcare sector, focusing on stocks such as Ascendis Pharma, Sarepta Therapeutics, and PTC Therapeutics.