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

Avidity Biosciences, Inc. (NASDAQ:RNA) has earned a consensus rating of “Hold” from the eighteen ratings firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $70.2941.

A number of equities analysts have commented on 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. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Leerink Partners initiated coverage on shares of Avidity Biosciences in a report on Friday, May 15th. They set an “outperform” rating on the stock. HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. Finally, Wells Fargo & Company started coverage on Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating for the company.

Avidity Biosciences Stock Performance

RNA opened at $11.67 on Thursday. The stock has a market capitalization of $199.63 million, a P/E ratio of -2.35 and a beta of 0.93. Avidity Biosciences has a one year low of $11.45 and a one year high of $16.77. The business’s 50-day simple moving average is $13.13 and its 200-day simple moving average is $42.42.

Avidity Biosciences (NASDAQ:RNA) last released 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 return on equity of 44.92% and a negative net margin of 3,650.39%. On average, equities research analysts forecast that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Institutional Trading of Avidity Biosciences

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Avidity Biosciences by 3.2% in the fourth 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 stake in Avidity Biosciences by 8.8% in the third quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock valued at $438,540,000 after acquiring an additional 815,497 shares during the last quarter. RA Capital Management L.P. raised its holdings in Avidity Biosciences by 18.9% in 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 boosted its position 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 in the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of Avidity Biosciences during the fourth quarter worth $435,708,000.

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.