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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned an average recommendation of “Hold” from the twenty-three brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, fourteen have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $69.5714.

RNA has been the topic of a number of recent analyst reports. Citigroup lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. HC Wainwright cut Avidity Biosciences from a “buy” rating to a “neutral” rating and cut their price objective for the company from $87.00 to $72.00 in a research note on Monday, October 27th. Raymond James Financial downgraded Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 27th. Leerink Partnrs downgraded Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Finally, Needham & Company LLC lowered Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price target on the stock. in a research report on Monday, October 27th.

Insider Activity at Avidity Biosciences

In other news, insider W. Michael Flanagan sold 2,373 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $72.23, for a total value of $171,401.79. Following the transaction, the insider directly owned 91,627 shares in the company, valued at approximately $6,618,218.21. This trade represents a 2.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 1,965 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $72.23, for a total transaction of $141,931.95. Following the sale, the insider owned 116,867 shares in the company, valued at approximately $8,441,303.41. This trade represents a 1.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 25,571 shares of company stock valued at $1,792,453 in the last ninety days. 3.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its position in Avidity Biosciences by 22.8% in the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after buying an additional 159 shares during the period. Fort Point Capital Partners LLC increased its holdings in shares of Avidity Biosciences by 0.6% in the 3rd quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock worth $1,363,000 after acquiring an additional 183 shares during the period. GAMMA Investing LLC increased its holdings in shares of Avidity Biosciences by 10.5% in the 4th quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock worth $178,000 after acquiring an additional 234 shares during the period. AlphaQuest LLC lifted its position in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in Avidity Biosciences by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock valued at $2,563,000 after purchasing an additional 466 shares during the period.

Avidity Biosciences Trading Down 0.1%

RNA stock opened at $72.51 on Monday. The firm has a 50 day simple moving average of $71.68 and a 200-day simple moving average of $54.58. The company has a market capitalization of $10.93 billion, a P/E ratio of -17.35 and a beta of 0.95. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $72.70.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.22). The company had revenue of $12.48 million during the quarter, compared to analyst estimates of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The firm’s revenue was up 420.8% compared to the same quarter last year. On average, research analysts predict 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.