Avidity Biosciences (NASDAQ:RNA) Stock Rated Buy in New Coverage at Roth Capital

Key Points

• Roth Capital initiated coverage with a “Buy” rating and a $15 price target for Avidity Biosciences, implying 87.5% upside from the prior close.
• Avidity shares opened at $8.00, near the lower end of their 52-week range, while the broader analyst consensus remained “Hold” with an average target price of $59.00.
• The clinical-stage biotech reported a quarterly loss of $1.18 per share, better than the expected $1.42 loss, and revenue of $3 million versus estimates of $670,000; its pipeline focuses on RNA-based genetic medicines for serious muscle diseases.

Analysts at Roth Capital initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA - Get Free Report) in a report released on Thursday, Briefing.com reports. The firm set a "buy" rating and a $15.00 price target on the biotechnology company's stock. Roth Capital's target price suggests a potential upside of 87.50% from the company's previous close.

Several other research analysts have also weighed in on RNA. HC Wainwright reiterated a "buy" rating and set a $25.00 target price on shares of Avidity Biosciences in a report on Friday, August 14th. Weiss Ratings raised Avidity Biosciences from a "sell (e-)" rating to a "sell (e)" rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $59.00.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $8.00 on Thursday. The firm's 50 day simple moving average is $10.46 and its 200 day simple moving average is $11.96. Avidity Biosciences has a fifty-two week low of $7.49 and a fifty-two week high of $16.77. The company has a market capitalization of $136.85 million and a price-to-earnings ratio of -3.72.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $0.67 million. Equities research analysts expect that Avidity Biosciences will post -4.61 earnings per share for the current year.

Institutional Trading of Avidity Biosciences

An institutional investor recently bought a new position in Avidity Biosciences stock. Hsbc Holdings PLC acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 32,729 shares of the biotechnology company's stock, valued at approximately $2,360,000.

About Avidity Biosciences

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.

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