Avidity Biosciences (NASDAQ:RNA) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Avidity Biosciences (NASDAQ:RNAGet Rating) from a sell rating to a hold rating in a research report released on Saturday morning, Zacks.com reports.

According to Zacks, “Avidity Biosciences Inc. is a biopharmaceutical company pioneering a new class of oligonucleotide-based therapies called Antibody Oligonucleotide Conjugates(TM). The company’s AOC platform design, engineer and develop therapeutics which combine the tissue selectivity of monoclonal antibodies and the precision of oligonucleotide therapies. Its lead product candidate consist AOC 1001, is designed to treat myotonic dystrophy type 1,and other muscle programs are focused on the treatment of muscle atrophy, Duchenne muscular dystrophy, facioscapulohumeral muscular dystrophy and Pompe disease. Avidity Biosciences Inc. is based in SAN DIEGO. “

RNA has been the topic of several other reports. TheStreet cut shares of Avidity Biosciences from a c- rating to a d+ rating in a research report on Friday, January 7th. Wells Fargo & Company reiterated a buy rating and issued a $59.00 price target on shares of Avidity Biosciences in a research report on Friday, December 10th. Finally, SVB Leerink boosted their price target on shares of Avidity Biosciences from $36.00 to $53.00 and gave the stock an outperform rating in a research report on Friday, December 10th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Avidity Biosciences presently has an average rating of Buy and a consensus target price of $45.67.

Shares of NASDAQ RNA opened at $18.71 on Friday. Avidity Biosciences has a fifty-two week low of $13.39 and a fifty-two week high of $29.59. The company’s 50-day moving average is $17.24. The company has a market capitalization of $893.50 million, a PE ratio of -6.59 and a beta of 1.17.

Avidity Biosciences (NASDAQ:RNAGet Rating) last issued its quarterly earnings data on Tuesday, March 1st. The biotechnology company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.09). Avidity Biosciences had a negative net margin of 1,265.38% and a negative return on equity of 35.57%. The company had revenue of $1.85 million for the quarter, compared to the consensus estimate of $2.20 million. As a group, equities analysts anticipate that Avidity Biosciences will post -4.31 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in Avidity Biosciences by 2.6% in the 4th quarter. BlackRock Inc. now owns 3,297,480 shares of the biotechnology company’s stock worth $78,380,000 after purchasing an additional 84,704 shares in the last quarter. Wells Fargo & Company MN grew its stake in Avidity Biosciences by 4.7% during the 4th quarter. Wells Fargo & Company MN now owns 125,770 shares of the biotechnology company’s stock valued at $2,989,000 after acquiring an additional 5,658 shares in the last quarter. California State Teachers Retirement System grew its stake in Avidity Biosciences by 1.6% during the 4th quarter. California State Teachers Retirement System now owns 49,183 shares of the biotechnology company’s stock valued at $1,169,000 after acquiring an additional 761 shares in the last quarter. Susquehanna International Group LLP grew its stake in Avidity Biosciences by 35.7% during the 4th quarter. Susquehanna International Group LLP now owns 36,523 shares of the biotechnology company’s stock valued at $868,000 after acquiring an additional 9,609 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Avidity Biosciences during the 4th quarter valued at about $464,000. 94.31% of the stock is currently owned by hedge funds and other institutional investors.

Avidity Biosciences Company Profile (Get Rating)

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.

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