Chardan analysts Keay Nakae, Geulah Livshits and Daniil Gataulin articulated the firm’s “conviction research views” of the firm’s top picks in the biotech sector for 2024, identifying Alnylam (ALNY), Avidity Biosciences (RNA), Lexeo Therapeutics (LXEO) and Oculis (OCS). The firm has Buy ratings on all four stocks with respective price targets of $250, $23, $23 and $30 for the shares. For Alnylam, the “clear leader in the RNAi space,” the firm expects 2024 to be a data rich year with several scheduled readouts across its pipeline. For Avidity Biosciences, the firm believes that the poor performance of the stock price in 2023 “belies the company’s success in advancing its pipeline and platform.” For Lexeo, the firm says the company has clinical catalysts on deck for 2024 that could provide further derisking to the company’s AAVrh.10 gene therapy pipeline for genetically driven forms of cardiomyopathy and Alzheimer’s disease. For Oculis, the firm believes the set up looks “favorable heading into 2024,” with the company advancing several pivotal programs for its lead drug OCS-01 in diabetic macular edema and pain and inflammation following ocular surgery.
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