Avidity Biosciences, Inc. (NASDAQ:RNA) Stock Rated “Moderate Buy” by Wall Street Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $40.80.

RNA has been the topic of several recent analyst reports. Weiss Ratings raised Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd. Roth Capital initiated coverage on Avidity Biosciences in a research report on Thursday, October 22nd. They set a “buy” rating and a $15.00 price target on the stock. Finally, HC Wainwright dropped their price target on Avidity Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, October 28th.

Hedge Funds Weigh In On Avidity Biosciences

A hedge fund recently bought a new position in Avidity Biosciences stock. Hsbc Holdings PLC acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 32,729 shares of the biotechnology company’s stock, valued at approximately $2,360,000.

Avidity Biosciences Stock Up 0.2%

Shares of RNA stock opened at $8.34 on Friday. The company has a market capitalization of $142.70 million and a P/E ratio of -3.88. Avidity Biosciences has a 12-month low of $7.49 and a 12-month high of $16.77. The firm has a 50-day moving average price of $9.25 and a 200 day moving average price of $19.87.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.24. The firm had revenue of $3.00 million for the quarter, compared to the consensus estimate of $0.67 million. As a group, research analysts expect that Avidity Biosciences will post -4.45 earnings per share for the current year.

About Avidity Biosciences

Avidity Biosciences, Inc is a biotechnology company focused on developing RNA-based medicines for genetic diseases. The company’s approach is designed to address conditions that are difficult to treat with conventional oligonucleotide therapies, including diseases affecting skeletal muscle.

Avidity’s proprietary AOC (antibody oligonucleotide conjugate) platform combines monoclonal antibodies with oligonucleotide-based medicines. The antibody component is intended to help deliver the therapeutic payload to specific tissues, while the oligonucleotide component is designed to modify or regulate disease-related RNA.