Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) Target Price at $49.60

Shares of Avidity Biosciences, Inc. (NASDAQ:RNAGet Rating) have earned a consensus recommendation of “Buy” from the seven brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $49.60.

A number of brokerages have issued reports on RNA. TheStreet cut shares of Avidity Biosciences from a “c-” rating to a “d+” rating in a report on Friday, January 7th. Zacks Investment Research upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Friday.

A number of large investors have recently made changes to their positions in the stock. California State Teachers Retirement System grew its position in Avidity Biosciences by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 49,183 shares of the biotechnology company’s stock worth $1,169,000 after acquiring an additional 761 shares in the last quarter. Royal Bank of Canada grew its position in Avidity Biosciences by 13.8% in the third quarter. Royal Bank of Canada now owns 7,790 shares of the biotechnology company’s stock worth $192,000 after acquiring an additional 944 shares in the last quarter. Voya Investment Management LLC grew its position in Avidity Biosciences by 10.6% in the third quarter. Voya Investment Management LLC now owns 14,108 shares of the biotechnology company’s stock worth $347,000 after acquiring an additional 1,352 shares in the last quarter. Candriam Luxembourg S.C.A. grew its position in Avidity Biosciences by 0.9% in the fourth quarter. Candriam Luxembourg S.C.A. now owns 159,988 shares of the biotechnology company’s stock worth $3,803,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in Avidity Biosciences in the fourth quarter worth $36,000. Institutional investors own 94.31% of the company’s stock.

RNA stock traded down $0.97 during midday trading on Monday, reaching $18.22. 186,690 shares of the company’s stock traded hands, compared to its average volume of 208,556. The company has a 50-day moving average price of $17.42 and a two-hundred day moving average price of $20.49. Avidity Biosciences has a 52 week low of $13.39 and a 52 week high of $29.59.

Avidity Biosciences (NASDAQ:RNAGet Rating) last issued its earnings results on Tuesday, March 1st. The biotechnology company reported ($0.82) earnings per share (EPS) 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 business had revenue of $1.85 million for the quarter, compared to the consensus estimate of $2.20 million. Equities research analysts anticipate that Avidity Biosciences will post -4.31 EPS for the current year.

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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