Avidity Biosciences (NASDAQ:RNA) Now Covered by Leerink Partners

Leerink Partners initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note issued to investors on Friday morning, MarketBeat.com reports. The firm issued an outperform rating and a $25.00 target price on the biotechnology company’s stock.

A number of other research firms also recently commented on RNA. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Wells Fargo & Company assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating on the stock. Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a research note on Saturday, March 21st. Finally, HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Avidity Biosciences presently has an average rating of “Hold” and a consensus price target of $66.95.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $13.23 on Friday. The firm has a 50-day moving average price of $13.56 and a 200-day moving average price of $49.87. Avidity Biosciences has a 12-month low of $11.95 and a 12-month high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) 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 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%. As a group, analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in RNA. Royal Bank of Canada increased its holdings in Avidity Biosciences by 38.2% in the 1st quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock worth $1,308,000 after acquiring an additional 12,241 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Avidity Biosciences by 22.7% during the first quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock worth $704,000 after buying an additional 4,410 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Avidity Biosciences by 2.8% during the first quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock worth $23,164,000 after buying an additional 21,649 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Avidity Biosciences by 7.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock valued at $10,560,000 after acquiring an additional 25,329 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of Avidity Biosciences during the 1st quarter valued at about $180,000.

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.