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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have received a consensus rating of “Hold” from the seventeen brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $63.8462.

Several brokerages have recently weighed in on RNA. Cantor Fitzgerald started coverage on shares of Avidity Biosciences in a research note on Thursday, June 18th. They set an “overweight” rating and a $25.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $25.00 price objective on shares of Avidity Biosciences in a research report on Friday, August 14th. Leerink Partners started coverage on shares of Avidity Biosciences in a report on Friday, May 15th. They set an “outperform” rating for the company. Zacks Research raised shares of Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Finally, Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th.

Avidity Biosciences Price Performance

RNA stock opened at $13.62 on Tuesday. The stock has a market capitalization of $233.04 million and a P/E ratio of -6.33. Avidity Biosciences has a fifty-two week low of $11.13 and a fifty-two week high of $16.77. The business has a 50-day moving average of $12.52 and a 200-day moving average of $20.20.

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

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Avidity Biosciences by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company’s stock worth $984,520,000 after acquiring an additional 429,491 shares in the last quarter. Wellington Management Group LLP grew its stake in Avidity Biosciences by 8.8% in the third quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock valued at $438,540,000 after purchasing an additional 815,497 shares in the last quarter. RA Capital Management L.P. increased its position in shares of Avidity Biosciences by 18.9% during the 3rd quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock worth $376,490,000 after purchasing an additional 1,375,000 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Avidity Biosciences during the 4th quarter worth approximately $435,708,000. Finally, Pentwater Capital Management LP raised its stake in shares of Avidity Biosciences by 30,032.5% during the 4th quarter. Pentwater Capital Management LP now owns 6,026,500 shares of the biotechnology company’s stock worth $434,691,000 after purchasing an additional 6,006,500 shares in the last quarter.

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.