Goldman Sachs sees reasons to like Avidity Biosciences . Analyst Corinne Johnson initiated coverage of the biopharmaceutical stock focused on unique diseases at a buy rating. Johnson’s $59 price target implies shares can rise 35.6% from Monday’s close. “Our positive view of the company is based on what we view as multi-blockbuster, first-to-market commercial opportunities … coupled with the scalable nature of the company’s antibody oligonucleotide conjugate platform,” Johnson wrote to clients. Johnson pointed to two specific areas where the company can lead. The first is del-brax, a drug designed to fight facioscapulohumeral muscular dystrophy, or FSHD, which has estimated peak sales of $2.7 billion. The other is del-desiran, a therapy to treat myotonic dystrophy type 1, or DM1, with a predicted peak sale figure of $4 billion. The analyst said initial clinical data for these helped de-risk the company’s platform technology. Looking ahead, Johnson said a new therapeutic vertical could be on the horizon. RNA YTD mountain Avidity, year to date Johnson’s call puts her in the majority on Wall Street, with every analyst polled by LSEG holding a buy rating. Shares rose 1.6% on Tuesday following the initiation. That comes after what has already been a big year for the stock. Shares have soared more than 380% in 2024, reversing course after dropping more than 59% last year.
