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

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

Several equities analysts recently issued reports on the company. Wall Street Zen cut Avidity Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. Leerink Partners started coverage on Avidity Biosciences in a report on Friday, May 15th. They issued an “outperform” rating on the stock. Weiss Ratings cut Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday. 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNA. AlphaQuest LLC boosted its holdings in Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after buying an additional 331 shares during the last quarter. CWM LLC boosted its holdings in Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after buying an additional 605 shares during the last quarter. EFG International AG bought a new position in Avidity Biosciences during the fourth quarter worth about $33,000. Los Angeles Capital Management LLC bought a new position in Avidity Biosciences during the fourth quarter worth about $34,000. Finally, Smartleaf Asset Management LLC boosted its holdings in Avidity Biosciences by 426.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after buying an additional 397 shares during the last quarter.

Avidity Biosciences Stock Up 0.4%

Avidity Biosciences stock opened at $13.09 on Friday. The business’s 50-day simple moving average is $13.36 and its 200 day simple moving average is $47.88. The stock has a market cap of $223.92 million, a price-to-earnings ratio of -2.63 and a beta of 0.93. 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) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.05) by $0.08. The business had revenue of $19.64 million for the quarter, compared to analysts’ expectations of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. As a group, sell-side analysts expect that Avidity Biosciences will post -2.89 EPS for the current 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.