Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $67.60 Consensus Price Target from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given a consensus recommendation of “Hold” by the eighteen brokerages that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $64.4667.

Several research analysts have weighed in on the company. HC Wainwright initiated coverage on Avidity Biosciences in a research report on Thursday. They set a “buy” rating and a $25.00 price objective on the stock. Zacks Research raised shares of Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Weiss Ratings upgraded shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday. Leerink Partners began coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating on the stock. Finally, Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a research note on Thursday, June 18th. They issued an “overweight” rating and a $25.00 price objective for the company.

Avidity Biosciences Trading Up 3.2%

Avidity Biosciences stock opened at $12.11 on Friday. Avidity Biosciences has a 12 month low of $11.13 and a 12 month high of $16.77. The stock’s 50 day moving average is $12.38 and its 200-day moving average is $25.25. The company has a market capitalization of $207.15 million and a price-to-earnings ratio of -12.48.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results 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 for the quarter, compared to analyst estimates of $2.00 million. As a group, equities research analysts predict that Avidity Biosciences will post -3.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC acquired a new stake in shares of Avidity Biosciences in the fourth quarter valued at approximately $2,360,000. Corient Private Wealth LLC acquired a new stake in Avidity Biosciences during the fourth quarter worth approximately $689,000. Virtu Financial LLC acquired a new stake in Avidity Biosciences during the fourth quarter worth approximately $1,556,000. Alberta Investment Management Corp bought a new position in Avidity Biosciences during the 4th quarter worth $1,803,000. Finally, Mackenzie Financial Corp increased its stake in Avidity Biosciences by 14.9% during the 4th quarter. Mackenzie Financial Corp now owns 7,255 shares of the biotechnology company’s stock worth $522,000 after acquiring an additional 941 shares during the period.

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.