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

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given an average recommendation of “Hold” by the twenty analysts that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $69.55.

Several research firms recently issued reports on RNA. TD Cowen reissued a “hold” rating on shares of Avidity Biosciences in a research report on Wednesday, November 12th. Evercore set a $72.00 price objective on shares of Avidity Biosciences in a report on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Finally, Chardan Capital reiterated a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Tuesday, November 11th.

Insider Buying and Selling

In related news, insider W. Michael Flanagan sold 6,534 shares of the firm’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 $473,388.30. Following the transaction, the insider owned 85,093 shares of the company’s stock, valued at approximately $6,164,987.85. This trade represents a 7.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael F. Maclean sold 4,542 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $329,067.90. Following the transaction, the chief financial officer owned 59,290 shares of the company’s stock, valued at $4,295,560.50. This trade represents a 7.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 58,407 shares of company stock worth $4,226,448 over the last ninety days. Insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RNA. JPMorgan Chase & Co. boosted its stake in Avidity Biosciences by 55.0% in the third quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock valued at $39,194,000 after acquiring an additional 319,282 shares during the last quarter. Atle Fund Management AB purchased a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $2,265,000. Candriam S.C.A. increased its stake in shares of Avidity Biosciences by 10.2% during the 3rd quarter. Candriam S.C.A. now owns 487,917 shares of the biotechnology company’s stock worth $21,259,000 after purchasing an additional 45,144 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Avidity Biosciences by 44.2% in the 3rd quarter. New York State Common Retirement Fund now owns 392,644 shares of the biotechnology company’s stock worth $17,107,000 after purchasing an additional 120,365 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Avidity Biosciences by 157.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock worth $2,001,000 after purchasing an additional 28,055 shares during the period.

Avidity Biosciences Trading Down 4.2%

Shares of NASDAQ:RNA opened at $14.82 on Tuesday. Avidity Biosciences has a 52-week low of $13.81 and a 52-week high of $16.77. The business’s 50 day simple moving average is $65.73 and its two-hundred day simple moving average is $60.75.

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

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.