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

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

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Wells Fargo & Company assumed coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating for the company. Finally, Wall Street Zen raised shares of Avidity Biosciences to a “hold” rating in a report on Saturday, March 21st.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA opened at $13.53 on Wednesday. The company’s 50 day moving average price is $28.07 and its two-hundred day moving average price is $53.87. Avidity Biosciences has a 12-month low of $11.95 and a 12-month high of $16.77.

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

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. AlphaQuest LLC lifted its stake in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the last quarter. CWM LLC lifted its stake in Avidity Biosciences by 1,635.1% in the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares during the last quarter. EFG International AG bought a new position in Avidity Biosciences in the 4th quarter valued at approximately $33,000. Los Angeles Capital Management LLC bought a new position in Avidity Biosciences in the 4th quarter valued at approximately $34,000. Finally, Smartleaf Asset Management LLC lifted its stake in Avidity Biosciences by 426.9% in 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 during 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.