Avidity Biosciences, Inc. (NASDAQ:RNA) Given Average Rating of “Hold” by Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has been assigned an average rating of “Hold” from the eighteen research firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $67.60.

Several equities analysts have recently weighed in on the company. Weiss Ratings cut Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Leerink Partners began coverage on Avidity Biosciences in a report on Friday, May 15th. They set an “outperform” rating for the company. HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Finally, Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 price target on the stock.

Institutional Trading of Avidity Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of RNA. Balyasny Asset Management L.P. bought a new position in Avidity Biosciences in the 4th quarter valued at $435,708,000. Pentwater Capital Management LP increased its holdings in shares of Avidity Biosciences by 30,032.5% in the fourth quarter. Pentwater Capital Management LP now owns 6,026,500 shares of the biotechnology company’s stock worth $434,691,000 after purchasing an additional 6,006,500 shares during the period. HBK Investments L P purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth $314,847,000. Norges Bank purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth $219,736,000. Finally, Bellevue Group AG bought a new stake in Avidity Biosciences during the third quarter valued at $93,800,000.

Avidity Biosciences Trading Up 2.5%

Shares of RNA stock opened at $11.46 on Friday. The firm’s 50 day moving average is $12.53 and its 200 day moving average is $27.40. The stock has a market capitalization of $196.03 million, a P/E ratio of -2.31 and a beta of 0.93. Avidity Biosciences has a 12 month low of $11.13 and a 12 month high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.08. The business had revenue of $19.64 million during the quarter, compared to analyst estimates 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 predict that Avidity Biosciences will post -2.89 EPS for the current year.

About Avidity Biosciences

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.