Avidity Biosciences, Inc. (NASDAQ:RNA) Stock Has Consensus Target Price of $63.75

Avidity Biosciences, Inc. (NASDAQ:RNA) has received a consensus recommendation of “Hold” from the sixteen brokerages 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, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $63.75.

RNA has been the subject of a number of analyst reports. Weiss Ratings upgraded Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research report on Monday, August 3rd. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of Avidity Biosciences in a research note on Friday, August 14th.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently bought and sold shares of the stock. Hunting Hill Global Capital LLC acquired a new stake in shares of Avidity Biosciences in the 4th quarter worth approximately $212,000. Corient Private Wealth LLC bought a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $689,000. Virtu Financial LLC acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $1,556,000. Hsbc Holdings PLC acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $2,360,000. Finally, 683 Capital Management LLC acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $5,049,000.

Avidity Biosciences Trading Up 4.9%

NASDAQ RNA opened at $7.98 on Wednesday. The company has a 50-day moving average price of $10.54 and a two-hundred day moving average price of $12.00. Avidity Biosciences has a 52 week low of $7.49 and a 52 week high of $16.77. The stock has a market cap of $136.54 million and a price-to-earnings ratio of -3.71.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.24. The business had revenue of $3.00 million for the quarter, compared to the consensus estimate of $0.67 million. As a group, equities research analysts expect that Avidity Biosciences will post -4.61 earnings per share for the current fiscal year.

Avidity Biosciences Company Profile

Avidity Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing genetic medicines for diseases that have historically been difficult to treat with conventional approaches. The company’s technology platform, known as Antibody Oligonucleotide Conjugates (AOCs), combines the targeting capabilities of antibodies with oligonucleotide-based medicines designed to act on RNA inside specific cells.

Avidity’s research programs are primarily directed at serious muscle diseases, including myotonic dystrophy type 1, facioscapulohumeral muscular dystrophy and Duchenne muscular dystrophy.