Avidity Biosciences' Promising Pipeline: Buy Rating Maintained by Ananda Ghosh

Ananda Ghosh from H.C. Wainwright maintained a Buy rating on Avidity Biosciences with a $68.00 price target. The analyst cites the FDA's agreement on accelerated and full approval pathways for del-brax in treating FSHD, the initiation of the global confirmatory Phase 3 study, and promising results from del-zota and del-desiran programs. Barclays also maintains a Buy rating with a $62.00 price target.

Avidity Biosciences, Inc. (Nasdaq: RNA) reported robust financial results for the second quarter of 2025, highlighting significant progress in its clinical pipeline and regulatory approval pathways. The company's strong balance sheet and cash runway position it well for potential commercial launches in 2026 and beyond.

Key Financial Highlights

- Cash, cash equivalents, and marketable securities totaled approximately $1.2 billion as of June 30, 2025, bolstered by a $185.5 million net proceeds from the sale of stock through its at-the-market offering program [1].
- Collaboration revenues increased to $3.8 million for the second quarter of 2025, up from $2.0 million in the same period of 2024 [1].
- Research and development expenses for the second quarter of 2025 were $138.1 million, up from $63.9 million in the same period of 2024, primarily driven by advancements in del-desiran, del-brax, and del-zota programs [1].
- General and administrative expenses for the second quarter of 2025 were $36.9 million, up from $20.7 million in the same period of 2024, largely due to higher personnel and commercial infrastructure costs [1].

Clinical and Regulatory Progress

Avidity's clinical pipeline made significant strides in the second quarter of 2025. Key highlights include:

- Delpacibart zotadirsen (del-zota) for Duchenne muscular dystrophy (DMD44) received Breakthrough Therapy designation from the FDA and is on track for a planned BLA submission at year-end 2025 [1].
- Delpacibart etedesiran (del-desiran) for myotonic dystrophy type 1 (DM1) completed enrollment in the Phase 3 HARBOR™ trial and is expected to share updates from the ongoing MARINA-OLE™ trial in the fourth quarter of 2025 [1].
- Delpacibart braxlosiran (del-brax) for facioscapulohumeral muscular dystrophy (FSHD) saw alignment with the FDA on accelerated and full approval pathways and positive topline data from the Phase 1/2 FORTITUDE™ trial [1].

Analyst Ratings

Analysts from H.C. Wainwright and Barclays maintain a Buy rating on Avidity Biosciences, citing the FDA's agreement on accelerated and full approval pathways for del-brax, the initiation of the global confirmatory Phase 3 study, and promising results from del-zota and del-desiran programs [1].

Forward-Looking Statements

Avidity cautions that statements regarding its plans for three potential product launches, BLA submissions, and clinical trial status are forward-looking and subject to risks and uncertainties [1].

References

[1] https://www.prnewswire.com/news-releases/avidity-biosciences-reports-second-quarter-2025-financial-results-and-recent-highlights-302524597.html