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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned a consensus rating of “Hold” from the sixteen analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $63.75.

Several research analysts recently weighed in on the company. Weiss Ratings raised Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research report on Monday, August 3rd. Zacks Research raised shares of Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price target on shares of Avidity Biosciences in a research report on Friday, August 14th. Finally, Cantor Fitzgerald started coverage on Avidity Biosciences in a research report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 price objective on the stock.

Avidity Biosciences Trading Down 6.4%

NASDAQ RNA opened at $8.95 on Friday. The business’s 50-day moving average price is $12.18 and its 200 day moving average price is $12.91. Avidity Biosciences has a twelve month low of $8.66 and a twelve month high of $16.77. The company has a market capitalization of $153.10 million and a PE ratio of -4.16.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) EPS for the quarter, beating the consensus estimate of ($1.42) by $0.24. The business had revenue of $3.00 million during the quarter, compared to analysts’ expectations of $0.67 million. Equities analysts predict that Avidity Biosciences will post -5.08 EPS for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently modified their holdings of the stock. Clearstead Advisors LLC acquired a new position in Avidity Biosciences during the 4th quarter worth approximately $72,000. Longfellow Investment Management Co. LLC purchased a new position in shares of Avidity Biosciences in the fourth quarter valued at $77,000. Eurizon Capital SGR S.p.A. purchased a new stake in Avidity Biosciences during the 4th quarter worth $200,000. Hunting Hill Global Capital LLC acquired a new position in Avidity Biosciences in the 4th quarter worth $212,000. Finally, BIT Capital GmbH purchased a new position in Avidity Biosciences in the 4th quarter valued at about $216,000.

About Avidity Biosciences

Avidity Biosciences, Inc is a biopharmaceutical company focused on developing RNA therapeutics for diseases that have historically been difficult to treat with conventional drug-delivery methods. Founded in 2012 and headquartered in San Diego, California, the company develops medicines intended to address genetic disorders, with an emphasis on diseases affecting muscles.

Avidity’s proprietary Antibody Oligonucleotide Conjugate (AOC) platform combines the targeting capabilities of monoclonal antibodies with the gene-modifying potential of oligonucleotides, including small interfering RNA and antisense oligonucleotides.