Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) Price Target at $70.29

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given an average recommendation of “Hold” by the eighteen ratings firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $70.2941.

Several analysts have recently weighed in on the stock. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Weiss Ratings cut shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Leerink Partners assumed coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating on the stock. Finally, Wells Fargo & Company assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $12.75 on Thursday. The firm has a fifty day moving average price of $13.08 and a two-hundred day moving average price of $41.19. Avidity Biosciences has a one year low of $11.40 and a one year high of $16.77. The company has a market cap of $218.10 million, a price-to-earnings ratio of -2.57 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, beating the consensus estimate of ($1.05) by $0.08. The firm had revenue of $19.64 million for the quarter, compared to analysts’ expectations of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. Equities research analysts expect that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Large investors have recently added to or reduced their stakes in the business. AlphaQuest LLC raised its position in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares during the period. EFG International AG purchased a new position in shares of Avidity Biosciences in the fourth quarter valued at about $33,000. Los Angeles Capital Management LLC purchased a new position in shares of Avidity Biosciences in the fourth quarter valued at about $34,000. Smartleaf Asset Management LLC boosted its stake in shares of Avidity Biosciences by 426.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 397 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in shares of Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 159 shares in the last quarter.

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.