Avidity Biosciences, Inc. (NASDAQ:RNA) Given Average Rating of "Hold" by Brokerages

Key Points

• Analyst sentiment is neutral: Sixteen analysts give Avidity Biosciences an average “Hold” rating, with 11 holds, three buys, one strong buy and one sell. The average 12-month price target is $63.75.
• The stock has declined: RNA opened at $8.95, down 6.4%, near its 52-week low of $8.66 and well below its 52-week high of $16.77.
• Quarterly results exceeded expectations: Avidity reported a quarterly loss of $1.18 per share versus the expected $1.42 loss, while revenue of $3 million surpassed the $670,000 consensus estimate.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has earned an average rating of "Hold" from the sixteen analysts that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $63.75.

RNA has been the subject of a number of research reports. Weiss Ratings upgraded shares of Avidity Biosciences from a "sell (e-)" rating to a "sell (e)" rating in a research report on Monday, August 3rd. Zacks Research raised shares of Avidity Biosciences to a "hold" rating in a research note on Friday, June 19th. HC Wainwright restated a "buy" rating and set a $25.00 price objective on shares of Avidity Biosciences in a research report on Friday, August 14th. Wall Street Zen raised Avidity Biosciences from a "sell" rating to a "hold" rating in a research note on Saturday, May 30th. Finally, Cantor Fitzgerald began coverage on Avidity Biosciences in a research report on Thursday, June 18th. They set an "overweight" rating and a $25.00 price target for the company.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC purchased a new position in Avidity Biosciences in the 4th quarter valued at about $72,000. Longfellow Investment Management Co. LLC purchased a new stake in shares of Avidity Biosciences during the fourth quarter worth about $77,000. PNC Financial Services Group Inc. grew its holdings in shares of Avidity Biosciences by 127.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,442 shares of the biotechnology company's stock worth $320,000 after buying an additional 2,488 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $200,000. Finally, Hunting Hill Global Capital LLC acquired a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $212,000.

Avidity Biosciences Stock Down 6.4%

Shares of RNA stock opened at $8.95 on Friday. Avidity Biosciences has a fifty-two week low of $8.66 and a fifty-two week high of $16.77. The stock has a market cap of $153.10 million and a P/E ratio of -4.16. The business has a fifty day simple moving average of $12.18 and a 200-day simple moving average of $12.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The biotechnology company reported ($1.18) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.24. The business had revenue of $3.00 million during the quarter, compared to analysts' expectations of $0.67 million. On average, sell-side analysts anticipate that Avidity Biosciences will post -5.08 earnings per share for the current year.

About Avidity Biosciences

Avidity Biosciences, Inc is a biopharmaceutical company focused on developing RNA therapeutics for diseases that have historically been difficult to treat with conventional drug-delivery methods. Founded in 2012 and headquartered in San Diego, California, the company develops medicines intended to address genetic disorders, with an emphasis on diseases affecting muscles.

Avidity's proprietary Antibody Oligonucleotide Conjugate (AOC) platform combines the targeting capabilities of monoclonal antibodies with the gene-modifying potential of oligonucleotides, including small interfering RNA and antisense oligonucleotides.

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