Avidity Biosciences, Inc. (RNA) – What Are Analysts Thinking About This Stock?

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have received a consensus rating of “Hold” from the sixteen brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $63.75.

Several research firms have issued reports on RNA. Weiss Ratings upgraded Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price target on shares of Avidity Biosciences in a report on Friday, August 14th. Zacks Research raised shares of Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Finally, Cantor Fitzgerald started coverage on shares of Avidity Biosciences in a research report on Thursday, June 18th. They set an “overweight” rating and a $25.00 price objective for the company.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $7.75 on Wednesday. The company’s 50-day moving average is $10.98 and its 200-day moving average is $12.19. The firm has a market capitalization of $132.60 million and a PE ratio of -3.60. Avidity Biosciences has a fifty-two week low of $7.63 and a fifty-two week high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate 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. As a group, analysts expect that Avidity Biosciences will post -5.08 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Hsbc Holdings PLC acquired a new position in Avidity Biosciences in the 4th quarter valued at $2,360,000. Corient Private Wealth LLC bought a new position in Avidity Biosciences during the 4th quarter worth $689,000. Virtu Financial LLC acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth $1,556,000. Hunting Hill Global Capital LLC acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth $212,000. Finally, Governors Lane LP bought a new stake in shares of Avidity Biosciences in the fourth quarter valued at about $8,853,000.

Avidity Biosciences Company Profile

Avidity Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing genetic medicines for diseases that have historically been difficult to treat with conventional approaches. The company’s technology platform, known as Antibody Oligonucleotide Conjugates (AOCs), combines the targeting capabilities of antibodies with oligonucleotide-based medicines designed to act on RNA inside specific cells.

Avidity’s research programs are primarily directed at serious muscle diseases, including myotonic dystrophy type 1, facioscapulohumeral muscular dystrophy and Duchenne muscular dystrophy.