Avidity Biosciences price target raised to $45 from $40 at BofA

BofA raised the firm’s price target on Avidity Biosciences to $45 from $40 and keeps a Buy rating on the shares after Avidity reported “compelling” biomarker and functional strength improvement data in facioscapulohumeral muscular dystrophy, or FSHD, patients treated with del-brax, which was previously known as AOC 1020. With the phase 1/2 fully enrolled and a total of 39 patients on trial, the firm anticipates that the program could move rapidly through accelerated approval with the biomarker cohort reading out as early as 2025, adding that it is increasing its view of the odds of success of del-brax following the early look at the data.