Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Consensus Rating of “Hold” from Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA) has earned a consensus recommendation of “Hold” from the seventeen ratings firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $63.8462.

A number of equities research analysts have issued reports on RNA shares. Zacks Research upgraded Avidity Biosciences to a “hold” rating in a research note on Friday, June 19th. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 price objective on the stock. Weiss Ratings raised shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd. Finally, Leerink Partners started coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating for the company.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $13.32 on Tuesday. The business’s fifty day moving average price is $12.63 and its 200-day moving average price is $18.12. The stock has a market capitalization of $227.91 million and a price-to-earnings ratio of -6.20. Avidity Biosciences has a 1-year low of $11.13 and a 1-year high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, August 13th. The biotechnology company reported ($1.18) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.24. The firm had revenue of $3.00 million during the quarter, compared to the consensus estimate of $0.67 million. Equities research analysts anticipate that Avidity Biosciences will post -5.08 EPS for the current year.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC raised its stake in shares of Avidity Biosciences by 426.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after buying an additional 397 shares during the period. EFG International AG bought a new position in shares of Avidity Biosciences during the 4th quarter valued at approximately $33,000. California State Teachers Retirement System increased its holdings in Avidity Biosciences by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock worth $2,563,000 after acquiring an additional 466 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $34,000. Finally, Guggenheim Capital LLC raised its stake in Avidity Biosciences by 1.6% during the 2nd quarter. Guggenheim Capital LLC now owns 32,602 shares of the biotechnology company’s stock worth $926,000 after acquiring an additional 519 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.