Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Analysts maintain a “Hold” consensus: Of 17 analysts, 11 recommend holding, four recommend buying, one rates the stock a strong buy, and one recommends selling. The average 12-month price target is $63.85.
• Institutional investors made significant investments in Avidity Biosciences, including new stakes by Balyasny Asset Management, HBK Investments and Norges Bank, while Pentwater Capital increased its holdings by more than 30,000%.
• Avidity shares opened at $13.62, within a 12-month range of $11.13 to $16.77. In its latest quarter, the company reported a smaller-than-expected loss of $1.18 per share and revenue of $3.0 million, above the $0.67 million consensus estimate.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has been given an average rating of "Hold" by the seventeen analysts that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $63.8462.

A number of research firms recently weighed in on RNA. Zacks Research raised Avidity Biosciences to a "hold" rating in a report on Friday, June 19th. Weiss Ratings raised Avidity Biosciences from a "sell (e-)" rating to a "sell (e)" rating in a research note on Monday, August 3rd. Leerink Partners initiated coverage on Avidity Biosciences in a report on Friday, May 15th. They set an "outperform" rating on the stock. Cantor Fitzgerald started coverage on Avidity Biosciences in a research note on Thursday, June 18th. They issued an "overweight" rating and a $25.00 target price for the company. Finally, Wall Street Zen raised Avidity Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, May 30th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Balyasny Asset Management L.P. acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth about $435,708,000. Pentwater Capital Management LP lifted its holdings in shares of Avidity Biosciences by 30,032.5% during the 4th quarter. Pentwater Capital Management LP now owns 6,026,500 shares of the biotechnology company's stock valued at $434,691,000 after purchasing an additional 6,006,500 shares in the last quarter. HBK Investments L P acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at approximately $314,847,000. Norges Bank bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $219,736,000. Finally, Bellevue Group AG acquired a new stake in Avidity Biosciences during the 3rd quarter worth approximately $93,800,000.

Avidity Biosciences Stock Up 3.2%

Shares of Avidity Biosciences stock opened at $13.62 on Tuesday. Avidity Biosciences has a 12-month low of $11.13 and a 12-month high of $16.77. The stock has a market capitalization of $233.04 million and a P/E ratio of -6.33. The company has a 50-day simple moving average of $12.52 and a 200 day simple moving average of $20.20.

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 for the quarter, topping the consensus estimate of ($1.42) by $0.24. The firm had revenue of $3.00 million for the quarter, compared to the consensus estimate of $0.67 million. On average, equities analysts anticipate that Avidity Biosciences will post -5.08 earnings per share for the current year.

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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