Avidity Biosciences (NASDAQ:RNA) Lifted to Outperform at Evercore ISI

Evercore ISI upgraded shares of Avidity Biosciences (NASDAQ:RNA – Get Rating) from an in-line rating to an outperform rating in a research note issued to investors on Monday, The Fly reports. They currently have $20.00 price target on the biotechnology company’s stock.

Several other research analysts also recently issued reports on RNA. Credit Suisse Group reduced their price target on shares of Avidity Biosciences from $35.00 to $30.00 and set an outperform rating on the stock in a research report on Friday, March 31st. Chardan Capital reissued a buy rating and set a $27.00 price objective on shares of Avidity Biosciences in a report on Friday, March 31st. Wells Fargo & Company dropped their price objective on Avidity Biosciences from $55.00 to $50.00 in a report on Thursday, May 11th. 1-800-FLOWERS.COM reissued a reiterates rating on shares of Avidity Biosciences in a report on Friday, April 28th. Finally, Needham & Company LLC reissued a buy rating and set a $35.00 price objective on shares of Avidity Biosciences in a report on Wednesday, March 1st. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Buy and an average price target of $38.83.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA opened at $10.93 on Monday. Avidity Biosciences has a 52 week low of $9.83 and a 52 week high of $25.74. The company’s fifty day moving average is $14.57 and its 200-day moving average is $17.65. The company has a market capitalization of $774.06 million, a PE ratio of -3.25 and a beta of -0.10.

Avidity Biosciences (NASDAQ:RNA – Get Rating) last issued its earnings results on Tuesday, February 28th. The biotechnology company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.04). The firm had revenue of $2.77 million during the quarter, compared to analyst estimates of $2.39 million. Avidity Biosciences had a negative net margin of 1,988.76% and a negative return on equity of 40.70%. On average, analysts forecast that Avidity Biosciences will post -3.24 EPS for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. bought a new position in Avidity Biosciences during the 3rd quarter worth $26,000. Great West Life Assurance Co. Can bought a new position in Avidity Biosciences during the 3rd quarter worth $31,000. Belpointe Asset Management LLC bought a new position in Avidity Biosciences during the 4th quarter worth $44,000. Quantbot Technologies LP increased its position in Avidity Biosciences by 600.0% during the 2nd quarter. Quantbot Technologies LP now owns 2,100 shares of the biotechnology company’s stock worth $30,000 after buying an additional 1,800 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in Avidity Biosciences by 2,964.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 4,780 shares of the biotechnology company’s stock worth $78,000 after buying an additional 4,624 shares during the period.

About Avidity Biosciences

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Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.