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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned a consensus rating of “Hold” from the nineteen research firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $69.4211.

Several brokerages have issued reports on RNA. Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Finally, Wells Fargo & Company assumed coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They issued an “overweight” rating for the company.

Institutional Investors Weigh In On Avidity Biosciences

A number of large investors have recently bought and sold shares of RNA. Royal Bank of Canada lifted its stake in shares of Avidity Biosciences by 38.2% in the first quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock valued at $1,308,000 after buying an additional 12,241 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Avidity Biosciences by 22.7% in the first quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock valued at $704,000 after buying an additional 4,410 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Avidity Biosciences by 2.8% in the first quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock valued at $23,164,000 after buying an additional 21,649 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Avidity Biosciences by 7.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock valued at $10,560,000 after buying an additional 25,329 shares in the last quarter. Finally, Strs Ohio bought a new position in shares of Avidity Biosciences in the first quarter valued at $180,000.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $13.53 on Wednesday. The firm has a 50 day simple moving average of $28.07 and a 200 day simple moving average of $53.87. Avidity Biosciences has a one year low of $11.95 and a one year high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing the consensus estimate of ($1.24) by ($0.35). The firm had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. Sell-side analysts forecast that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

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.