Avidity Biosciences (NASDAQ:RNA) Stock Picked Up by Analysts at Roth Capital

Roth Capital assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report issued to clients and investors on Thursday, Briefing.com reports. The brokerage set a “buy” rating and a $15.00 price target on the biotechnology company’s stock. Roth Capital’s target price would indicate a potential upside of 87.50% from the company’s previous close.

Other analysts also recently issued research reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 target price on shares of Avidity Biosciences in a research report on Friday, August 14th. Weiss Ratings upgraded Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $59.00.

Avidity Biosciences Trading Up 0.3%

Shares of RNA opened at $8.00 on Thursday. The stock has a market capitalization of $136.85 million and a price-to-earnings ratio of -3.72. Avidity Biosciences has a 12 month low of $7.49 and a 12 month high of $16.77. The firm has a fifty day simple moving average of $10.46 and a 200 day simple moving average of $11.96.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.24. The business had revenue of $3.00 million during the quarter, compared to analyst estimates of $0.67 million. As a group, research analysts predict that Avidity Biosciences will post -4.61 earnings per share for the current fiscal year.

Institutional Trading of Avidity Biosciences

A hedge fund recently bought a new position in Avidity Biosciences stock. Corient Private Wealth LLC acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 9,550 shares of the biotechnology company’s stock, valued at approximately $689,000.

About Avidity Biosciences

Avidity Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing genetic medicines for diseases that have historically been difficult to treat with conventional approaches. The company’s technology platform, known as Antibody Oligonucleotide Conjugates (AOCs), combines the targeting capabilities of antibodies with oligonucleotide-based medicines designed to act on RNA inside specific cells.

Avidity’s research programs are primarily directed at serious muscle diseases, including myotonic dystrophy type 1, facioscapulohumeral muscular dystrophy and Duchenne muscular dystrophy.