Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) Price Target at $66.95

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned an average recommendation of “Hold” from the nineteen analysts that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $69.4211.

RNA has been the subject of a number of recent analyst reports. Leerink Partners initiated coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating for the company. Wall Street Zen downgraded shares of Avidity Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Finally, Wells Fargo & Company started coverage on Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating on the stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its holdings in shares of Avidity Biosciences by 55.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock worth $39,194,000 after buying an additional 319,282 shares in the last quarter. Candriam S.C.A. boosted its holdings 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 buying an additional 45,144 shares in the last quarter. Atle Fund Management AB bought a new position in shares of Avidity Biosciences during the 3rd quarter worth approximately $2,265,000. New York State Common Retirement Fund boosted its holdings in shares of Avidity Biosciences by 44.2% during 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 buying an additional 120,365 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Avidity Biosciences by 173.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 179,103 shares of the biotechnology company’s stock worth $7,804,000 after buying an additional 113,545 shares in the last quarter.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $13.04 on Friday. The company has a market capitalization of $223.06 million, a P/E ratio of -2.62 and a beta of 0.93. The business has a 50 day moving average of $13.40 and a 200-day moving average of $48.13. Avidity Biosciences has a 1 year low of $11.95 and a 1 year high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.08. The business had revenue of $19.64 million during the quarter, compared to the consensus estimate of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. Equities analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current 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.