Avidity Biosciences (RNA) PT Raised to $65 at BofA Securities

BofA Securities analyst Tazeen Ahmad raised the price target on Avidity Biosciences (NASDAQ: RNA) to $65.00 (from $56.00) while maintaining a Buy rating.

The analyst comments "We highlight RNA shares were under pressure yesterday after the company announced a common stock raise following positive DMD data earlier this week (see our 9/10 note). We spoke with mgmt (CEO, Sarah Boyce, and CSO, Mike Flanagan) to better understand their motivations for the raise. Boyce commented the decision was driven by the company’s desire to start building inventory of drug product ahead of their 3 potential launches in DM1, FSHD and DMD. Mgmt noted they have long term supply contracts in place with established supplier Lonza, so they feel confident in the amount of inventory they need to build up. The cash raise should also allow RNA to continue to build out their commercial infrastructure. While we think buyout potential is less clear following the raise (see our 8/6 note), we continue to have a bullish outlook on pipeline opportunity given the high unmet treatment need for all 3 target indications and supportive data. We view the current weakness in shares as a particularly attractive buying opportunity. We reiterate our Buy with new $65 PO."

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