Avidity Biosciences (RNA, Financial) has seen its price target raised by BofA from $48 to $54, maintaining a Buy rating for the stock. This adjustment follows the company's announcement of aligning with the FDA on a swift approval pathway for del-brax in treating FSHD. This strategy is based on using a novel biomarker, circulating DUX4 (cDUX), alongside the phase 3 confirmatory trial structure. Management has expressed that they have received comprehensive regulatory guidance on enabling accelerated approval through cDUX validation.
The phase 1/2 FORTITUDE trial, which encompasses the registrational biomarker group, wrapped up enrollment in March, with key data projected for release in the second quarter of 2026. A BLA submission for rapid approval is anticipated in late 2026, aligning with BofA's projections of a 2027 product launch. The firm views the regulatory progress positively, though it looks forward to further updates to mitigate any risks on the regulatory front.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 14 analysts, the average target price for Avidity Biosciences Inc (RNA, Financial) is $68.21 with a high estimate of $96.00 and a low estimate of $48.00. The average target implies an upside of 114.78% from the current price of $31.76. More detailed estimate data can be found on the Avidity Biosciences Inc (RNA) Forecast page.
Based on the consensus recommendation from 14 brokerage firms, Avidity Biosciences Inc's (RNA, Financial) average brokerage recommendation is currently 1.8, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Avidity Biosciences Inc (RNA, Financial) in one year is $6.93, suggesting a downside of 78.18% from the current price of $31.76. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Avidity Biosciences Inc (RNA) Summary page.
