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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned an average rating of “Hold” from the twenty-one brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $69.5714.

A number of analysts recently issued reports on the company. Evercore ISI set a $72.00 price target on Avidity Biosciences in a research report on Thursday, December 18th. Raymond James Financial cut shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research note on Monday, October 27th. Citigroup downgraded shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a report on Monday, October 27th. Roth Mkm downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price objective for the company. in a research note on Monday, October 27th. Finally, Chardan Capital reaffirmed a “neutral” rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Tuesday, November 11th.

Insider Buying and Selling

In other news, insider Steven George Hughes sold 4,895 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $354,642.75. Following the transaction, the insider directly owned 31,599 shares in the company, valued at approximately $2,289,347.55. This represents a 13.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michael F. Maclean sold 4,542 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $329,067.90. Following the completion of the transaction, the chief financial officer directly owned 59,290 shares in the company, valued at $4,295,560.50. This represents a 7.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,407 shares of company stock worth $4,226,448 over the last ninety days. Corporate insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently added to or reduced their stakes in the stock. AlphaQuest LLC increased its position in shares of Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 331 shares during the period. CWM LLC grew 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 worth $28,000 after purchasing an additional 605 shares in the last quarter. Westside Investment Management Inc. purchased a new position in Avidity Biosciences during the 2nd quarter worth $29,000. Allworth Financial LP raised its position in Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 159 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 1,099 shares in the last quarter.

Avidity Biosciences Trading Up 0.1%

RNA opened at $72.82 on Friday. The firm has a market cap of $11.27 billion, a P/E ratio of -17.42 and a beta of 0.93. Avidity Biosciences has a 12 month low of $21.51 and a 12 month high of $73.06. The stock has a 50-day moving average of $72.17 and a 200 day moving average of $58.26.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). The company had revenue of $12.48 million for the quarter, compared to analysts’ expectations of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The business’s revenue was up 420.8% compared to the same quarter last year. On average, research analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

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.