Avidity Biosciences, Inc. (NASDAQ:RNA – Get Free Report) has earned a consensus rating of “Buy” from the nine analysts that are presently covering the firm, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation. The average 1-year price target among brokers that have issued a report on the stock in the last year is $62.67.
A number of research analysts recently issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Chardan Capital upped their price target on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Barclays started coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. Finally, TD Cowen lifted their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday.
Get Our Latest Report on Avidity Biosciences
Insider Activity at Avidity Biosciences
Institutional Investors Weigh In On Avidity Biosciences
Several hedge funds have recently modified their holdings of RNA. Wellington Management Group LLP raised its holdings in Avidity Biosciences by 17.4% in the 4th quarter. Wellington Management Group LLP now owns 291,218 shares of the biotechnology company’s stock valued at $2,636,000 after acquiring an additional 43,147 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in Avidity Biosciences by 2.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock worth $1,862,000 after buying an additional 1,777 shares during the period. Privium Fund Management B.V. acquired a new stake in Avidity Biosciences in the 1st quarter worth about $205,000. Janney Montgomery Scott LLC purchased a new stake in Avidity Biosciences in the 1st quarter valued at about $221,000. Finally, Swiss National Bank grew its holdings in Avidity Biosciences by 20.5% in the 1st quarter. Swiss National Bank now owns 140,800 shares of the biotechnology company’s stock valued at $3,593,000 after buying an additional 24,000 shares during the period.
Avidity Biosciences Trading Down 4.2 %
Shares of RNA stock opened at $45.40 on Friday. The company has a market cap of $4.34 billion, a P/E ratio of -15.39 and a beta of 0.89. The firm has a fifty day moving average price of $44.42 and a 200 day moving average price of $37.72. Avidity Biosciences has a 12 month low of $4.82 and a 12 month high of $50.78.
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last posted its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. On average, equities analysts forecast that Avidity Biosciences will post -3.01 EPS for the current year.
About Avidity Biosciences
Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.
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