Avidity Biosciences, Inc. (RNA) - What Are Researchers Thinking About This Stock?

Key Points

• Analyst sentiment is neutral: Avidity Biosciences has a consensus “Hold” rating from 16 analysts, with 11 holds, three buys, one strong buy, and one sell. The average 12-month price target is $63.75.
• Institutional investors have shown significant interest, with firms including Balyasny Asset Management, Magnetar Financial, and Sculptor Capital acquiring new positions during the fourth quarter.
• The stock remains under pressure: Shares opened at $7.75, near their 12-month low of $7.63, while the company reported a quarterly loss of $1.18 per share but exceeded analysts’ expectations and generated higher-than-expected revenue.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has been assigned a consensus recommendation of "Hold" from the sixteen ratings firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $63.75.

A number of equities research analysts have weighed in on RNA shares. HC Wainwright restated a "buy" rating and set a $25.00 price objective on shares of Avidity Biosciences in a research note 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. Cantor Fitzgerald started coverage on Avidity Biosciences in a research report on Thursday, June 18th. They issued an "overweight" rating and a $25.00 target price on the stock. Finally, Zacks Research upgraded Avidity Biosciences to a "hold" rating in a research note on Friday, June 19th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RNA. Balyasny Asset Management L.P. bought a new position in Avidity Biosciences in the fourth quarter valued at approximately $435,708,000. Magnetar Financial LLC bought a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $83,570,000. Sculptor Capital LP bought a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $40,826,000. Oddo BHF Asset Management Sas acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $27,229,000. Finally, Melqart Asset Management UK Ltd acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $25,656,000.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $7.75 on Wednesday. The company's fifty day moving average price is $10.98 and its two-hundred day moving average price is $12.19. The firm has a market capitalization of $132.60 million and a P/E ratio of -3.60. Avidity Biosciences has a 12 month low of $7.63 and a 12 month high of $16.77.

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

Avidity Biosciences Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.