Analyst Corinne Johnson initiated coverage of the biopharmaceutical stock focused on unique diseases at a buy rating.
"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.
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.
Shares have soared more than 380% in 2024, reversing course after dropping more than 59% last year.
Persons:
Goldman Sachs, Corinne Johnson, Johnson, what's
Organizations:
Avidity Biosciences, LSEG
Locations:
Monday's