IvelinRadkov
BofA has initiated coverage of Avidity Biosciences (NASDAQ:RNA) with a buy rating, citing multiple upcoming catalysts for the stock.
The investment bank said recent long-term data for the company’s muscular dystrophy drug AOC 1001 has “helped lift a key overhang on the stock, setting the stage for multiple catalysts this year to bring further upside.”
Upcoming catalysts for the stock that “should help drive investor interest in 2024” include Phase 1/2 data for its drug AOC 1044 in the treatment of Duchenne muscular dystrophy, expected in the second half of 2024, and Phase 1/2 data in Q2 for AOC 1020 in the treatment of facioscapulohumeral muscular dystrophy, BofA said.
“With an innovative platform and a path to commercialization as early as 2026, we view RNA as an attractive risk-reward opportunity,” BofA added.
The investment bank set its price objective for the stock at $40.
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