Avidity Biosciences (RNA) PT Raised to $54 at BofA Securities

BofA Securities analyst Tazeen Ahmad raised the price target on Avidity Biosciences (NASDAQ: RNA) to $54.00 (from $48.00) while maintaining a Buy rating.

The analyst commented, "Avidity Biosciences (RNA) announced alignment with the FDA on a path to an accelerated approval for del-brax in FSHD based on the novel biomarker, circulating DUX4 (cDUX), and the phase 3 confirmatory trial design. Management commented they have received detailed regulatory feedback on the necessary steps required to validate cDUX and pursue an accelerated approval. The registrational biomarker cohort in the phase 1/2 FORTITUDE trial completed enrollment in March with topline data expected in 2Q26 followed by a BLA submission for accelerated approval in 2H26. This is in-line with our assumptions for a 2027 launch. We are encouraged by this regulatory update indicating a path to accelerated approval but await additional updates from the program to further de-risk the regulatory path. We think FSHD represents an attractive commercial opportunity given RNA would be first to market."

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