Avidity Biosciences (NASDAQ:RNA) Stock Rated “Buy” in New Coverage at Roth Capital

Roth Capital initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note published on Thursday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $15.00 price objective on the biotechnology company’s stock.

Several other analysts also recently issued reports on the company. 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 reaffirmed a “buy” rating and set a $25.00 price objective on shares of Avidity Biosciences in a research note on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Avidity Biosciences presently has a consensus rating of “Hold” and an average target price of $59.00.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock opened at $8.20 on Thursday. Avidity Biosciences has a 1 year low of $7.49 and a 1 year high of $16.77. The business has a 50 day moving average price of $10.28 and a 200 day moving average price of $11.89. The company has a market capitalization of $140.30 million and a P/E ratio of -3.81.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) EPS for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.24. The company had revenue of $3.00 million for the quarter, compared to analyst estimates of $0.67 million. As a group, research analysts expect that Avidity Biosciences will post -4.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

An institutional investor recently bought a new stake in Avidity Biosciences stock. Hsbc Holdings PLC bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 32,729 shares of the biotechnology company’s stock, valued at approximately $2,360,000.

Avidity Biosciences Company Profile

Avidity Biosciences, Inc is a biotechnology company focused on developing RNA-based medicines for genetic diseases. The company’s approach is designed to address conditions that are difficult to treat with conventional oligonucleotide therapies, including diseases affecting skeletal muscle.

Avidity’s proprietary AOC (antibody oligonucleotide conjugate) platform combines monoclonal antibodies with oligonucleotide-based medicines. The antibody component is intended to help deliver the therapeutic payload to specific tissues, while the oligonucleotide component is designed to modify or regulate disease-related RNA.