Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Consensus Rating of “Hold” from Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been given a consensus recommendation of “Hold” by the nineteen brokerages that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $69.4211.

A number of research firms recently weighed in on RNA. Wells Fargo & Company assumed coverage on Avidity Biosciences in a research note on Wednesday, March 11th. They issued an “overweight” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Wall Street Zen raised Avidity Biosciences to a “hold” rating in a report on Saturday, March 21st. Finally, Evercore set a $72.00 target price on shares of Avidity Biosciences in a research report on Thursday, December 18th.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $13.47 on Friday. Avidity Biosciences has a 52-week low of $11.95 and a 52-week high of $16.77. The firm has a 50-day moving average price of $44.58 and a 200 day moving average price of $56.60.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). The business had revenue of $0.86 million during the quarter, compared to analysts’ expectations of $1.98 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. On average, analysts predict that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 4,542 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $329,067.90. Following the completion of the sale, the chief financial officer directly owned 59,290 shares in the company, valued at approximately $4,295,560.50. This trade represents a 7.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider W. Michael Flanagan sold 6,534 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $473,388.30. Following the sale, the insider owned 85,093 shares of the company’s stock, valued at approximately $6,164,987.85. The trade was a 7.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 58,407 shares of company stock valued at $4,226,448. 3.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently bought and sold shares of the company. Balyasny Asset Management L.P. purchased a new stake in Avidity Biosciences during the fourth quarter worth $435,708,000. Pentwater Capital Management LP increased its position 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 valued at $434,691,000 after buying an additional 6,006,500 shares in the last quarter. HBK Investments L P purchased a new position in shares of Avidity Biosciences in the fourth quarter valued at $314,847,000. Vanguard Group Inc. raised its stake in shares of Avidity Biosciences by 42.9% during the 3rd quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock worth $575,985,000 after buying an additional 3,971,457 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Avidity Biosciences during the 4th quarter worth $219,736,000.

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.