H.C. Wainwright has adjusted its price target for Avidity Biosciences (RNA, Financial), reducing it from $72 to $68, while maintaining a Buy rating on the stock. This revision comes after the firm reevaluated its spending forecasts in light of Avidity's advancements in its development pipeline.
The company is on the brink of announcing top-level results from the dose escalation segment of the FORTITUDE trial. Thanks to a strong genetic connection with the disease, indicated by the abnormal expression of the DUX4 gene or related data, there is potential for the accelerated approval pathway. This genetic evidence suggests a reasonable likelihood of predicting clinical benefits, an aspect that the analyst highlighted in a recent communication to investors.
