Avidity Biosciences initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Avidity Biosciences (RNA) with an Outperform rating and $67 price target The company had a “transformational year” given proof of concepts across three indications. Despite the big stock move, RBC sees further upside given Avidit’s “three relatively de-risked assets and a platform poised to deliver for other indications and attract strategic interest,” the analyst tells investors in a research note.