Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $70.29 Average Target Price from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has been assigned a consensus rating of “Hold” from the eighteen ratings firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $71.25.

RNA has been the topic of a number of recent analyst reports. Leerink Partners initiated coverage on Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating on the stock. Weiss Ratings downgraded 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 report on Saturday, May 30th. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Finally, Wells Fargo & Company initiated coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating on the stock.

Avidity Biosciences Trading Down 1.0%

Shares of RNA stock opened at $12.48 on Thursday. The company has a market capitalization of $213.48 million, a P/E ratio of -2.51 and a beta of 0.93. The business’s 50 day moving average is $13.04 and its two-hundred day moving average is $40.35. Avidity Biosciences has a 12-month low of $11.40 and a 12-month high of $16.77.

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 analysts’ consensus estimates of ($1.05) by $0.08. The company had revenue of $19.64 million for the quarter, compared to the consensus estimate of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. On average, research analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP lifted its position in shares of Avidity Biosciences by 22.8% in the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 159 shares in the last quarter. Fort Point Capital Partners LLC lifted its position in shares of Avidity Biosciences by 0.6% in the third quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock valued at $1,363,000 after acquiring an additional 183 shares in the last quarter. GF Fund Management CO. LTD. lifted its position in shares of Avidity Biosciences by 7.0% in the fourth quarter. GF Fund Management CO. LTD. now owns 2,961 shares of the biotechnology company’s stock valued at $214,000 after acquiring an additional 193 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Avidity Biosciences by 10.5% in the fourth quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock valued at $178,000 after acquiring an additional 234 shares in the last quarter. Finally, AlphaQuest LLC lifted its position in shares of 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 acquiring an additional 331 shares in the last quarter.

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.