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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have received a consensus rating of “Hold” from the nineteen ratings firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $66.8125.

Several research firms have recently weighed in on RNA. Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a report on Thursday, June 18th. They set an “overweight” rating and a $25.00 price objective for the company. Zacks Research upgraded shares of Avidity Biosciences to a “hold” rating in a report on Friday, June 19th. Leerink Partners assumed coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They issued an “outperform” rating for the company. HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Finally, Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $13.65 on Monday. Avidity Biosciences has a one year low of $11.40 and a one year high of $16.77. The stock has a 50-day moving average of $12.87 and a 200 day moving average of $35.42. The company has a market capitalization of $233.50 million, a price-to-earnings ratio of -2.75 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, topping 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 return on equity of 44.92% and a negative net margin of 3,650.39%. On average, equities analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. EFG International AG bought a new stake in shares of Avidity Biosciences during the 4th quarter valued at about $33,000. Los Angeles Capital Management LLC bought a new position in shares of Avidity Biosciences in the 4th quarter worth approximately $34,000. Smartleaf Asset Management LLC lifted its stake in shares of Avidity Biosciences by 426.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 397 shares during the period. Allworth Financial LP boosted its holdings 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 worth $37,000 after buying an additional 159 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in shares of Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,543 shares during the last quarter.

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.