Avidity Biosciences (NASDAQ:RNA) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Avidity Biosciences (NASDAQ:RNA) from a hold rating to a sell rating in a research report sent to investors on Saturday.

RNA has been the topic of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Leerink Partners started coverage on shares of Avidity Biosciences in a research report on Friday. They set an “outperform” rating and a $25.00 price target on the stock. HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Finally, Wells Fargo & Company started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $66.95.

Avidity Biosciences Stock Down 0.3%

NASDAQ RNA opened at $13.23 on Friday. Avidity Biosciences has a 12 month low of $11.95 and a 12 month high of $16.77. The firm’s 50-day moving average is $13.56 and its two-hundred day moving average is $49.87.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.05) by $0.08. The business had revenue of $19.64 million for the quarter, compared to analysts’ expectations of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. On average, equities analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current year.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds have recently added to or reduced their stakes in RNA. AlphaQuest LLC increased its stake in Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the last quarter. CWM LLC increased its stake in Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares during the last quarter. EFG International AG purchased a new position in Avidity Biosciences in the fourth quarter valued at approximately $33,000. Los Angeles Capital Management LLC purchased a new position in Avidity Biosciences in the fourth quarter valued at approximately $34,000. Finally, Smartleaf Asset Management LLC increased its stake in Avidity Biosciences by 426.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 397 shares during the last quarter.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.