Avidity Biosciences stock has more room to run thanks to the company's pipeline of multiple treatments for rare muscle disorders, according to Bank of America.
Avidity has a therapeutic platform — antibody oligonucleotide conjugates — that was well-received at the time it went public in 2020, Meacham said.
But shares were hurt by a clinical hold on Avidity's leading program for treating an uncommon muscle disorder, DM1.
The program, tested in the Marina trial, recently saw long-term data that has "helped lift that key overhang on the stock," Meacham said.
Those catalysts are tied to two other drugs in the muscle disorder space that are expected to report data this year, according to Meacham.
Persons:
Geoff Meacham, Meacham
Organizations:
Biosciences, Bank of America
Locations:
San Diego, Thursday's