Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $66.81 Consensus Price Target from Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned a consensus recommendation of “Hold” from the eighteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $67.60.

RNA has been the subject of a number of recent research reports. Cantor Fitzgerald started coverage on Avidity Biosciences in a research report on Thursday, June 18th. They set an “overweight” rating and a $25.00 target price for the company. Zacks Research upgraded Avidity Biosciences to a “hold” rating in a report on Friday, June 19th. Leerink Partners assumed coverage on Avidity Biosciences in a research report on Friday, May 15th. They issued an “outperform” rating for the company. Weiss Ratings cut Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday, May 22nd. Finally, HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Avidity Biosciences by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company’s stock valued at $984,520,000 after acquiring an additional 429,491 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Avidity Biosciences by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock worth $438,540,000 after purchasing an additional 815,497 shares during the last quarter. RA Capital Management L.P. grew its stake in shares of Avidity Biosciences by 18.9% during the third quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock worth $376,490,000 after purchasing an additional 1,375,000 shares during the period. Avoro Capital Advisors LLC grew its stake in shares of Avidity Biosciences by 8.4% during the third quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock worth $333,093,000 after purchasing an additional 595,000 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in Avidity Biosciences in the fourth quarter valued at about $435,708,000.

Avidity Biosciences Price Performance

RNA opened at $12.46 on Monday. The stock has a market capitalization of $213.14 million, a P/E ratio of -2.51 and a beta of 0.93. The company’s 50 day simple moving average is $12.85 and its 200-day simple moving average is $33.34. Avidity Biosciences has a one year low of $11.40 and a one year high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, topping the consensus estimate of ($1.05) by $0.08. The firm had revenue of $19.64 million during 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, 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.