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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned a consensus recommendation of “Hold” from the eighteen research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $67.60.

A number of research analysts have weighed in on RNA shares. Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a research note on Thursday, June 18th. They issued an “overweight” rating and a $25.00 target price on the stock. HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Leerink Partners began coverage on Avidity Biosciences in a report on Friday, May 15th. They issued an “outperform” rating for the company. Weiss Ratings downgraded Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research note on Friday, May 22nd. Finally, Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th.

Avidity Biosciences Trading Down 3.5%

RNA stock opened at $12.46 on Monday. Avidity Biosciences has a 12-month low of $11.40 and a 12-month high of $16.77. The business’s 50-day moving average is $12.85 and its 200 day moving average is $33.61. The stock has a market cap of $213.14 million, a price-to-earnings ratio of -2.51 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.05) by $0.08. The company had revenue of $19.64 million for the quarter, compared to analysts’ expectations of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. As a group, equities analysts forecast that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently bought and sold shares of RNA. Versor Investments LP purchased a new position in Avidity Biosciences in the fourth quarter worth approximately $11,749,000. CIBRA Capital Ltd purchased a new stake in Avidity Biosciences in the fourth quarter valued at $3,838,000. Maven Securities LTD purchased a new stake in Avidity Biosciences in the third quarter valued at $2,614,000. Norges Bank acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at $219,736,000. Finally, FNY Investment Advisers LLC increased its position in shares of Avidity Biosciences by 571.1% during the 4th quarter. FNY Investment Advisers LLC now owns 50,976 shares of the biotechnology company’s stock worth $3,676,000 after purchasing an additional 43,380 shares during the last quarter.

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.