Stock analysts at HC Wainwright started coverage on shares of Avidity Biosciences (NASDAQ:RNA – Get Free Report) in a report issued on Thursday,Benzinga reports. The brokerage set a “buy” rating and a $25.00 price target on the biotechnology company’s stock. HC Wainwright’s target price indicates a potential upside of 112.95% from the company’s previous close.
Other equities research analysts also recently issued reports about the stock. Zacks Research upgraded shares of Avidity Biosciences to a “hold” rating in a report on Friday, June 19th. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research report on Thursday, June 18th. They set an “overweight” rating and a $25.00 price target for the company. Weiss Ratings raised shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday. Finally, Leerink Partners began coverage on shares of Avidity Biosciences in a research note on Friday, May 15th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Avidity Biosciences presently has an average rating of “Hold” and an average price target of $64.47.
Read Our Latest Stock Report on Avidity Biosciences
Avidity Biosciences Stock Up 1.7%
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last released its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, topping the consensus estimate of ($1.05) by $0.08. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The company had revenue of $19.64 million during the quarter, compared to the consensus estimate of $2.00 million. On average, research analysts expect that Avidity Biosciences will post -2.89 EPS for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Avidity Biosciences by 3.2% in the 4th quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company’s stock valued at $984,520,000 after buying an additional 429,491 shares during the period. Wellington Management Group LLP boosted 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 acquiring an additional 815,497 shares during the period. RA Capital Management L.P. grew its holdings in shares of Avidity Biosciences by 18.9% during the third quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock valued at $376,490,000 after purchasing an additional 1,375,000 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $435,708,000. Finally, Pentwater Capital Management LP lifted its holdings in shares of Avidity Biosciences by 30,032.5% in 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 during 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.
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