Avidity Biosciences, Inc. (NASDAQ:RNA) Given Consensus Rating of “Buy” by Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNAGet Rating) have been assigned an average rating of “Buy” from the seven brokerages that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $49.60.

Several research firms have issued reports on RNA. TheStreet lowered Avidity Biosciences from a “c-” rating to a “d+” rating in a research note on Friday, January 7th. Zacks Investment Research upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Friday.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. California State Teachers Retirement System lifted its holdings in shares of Avidity Biosciences by 1.6% during the fourth quarter. California State Teachers Retirement System now owns 49,183 shares of the biotechnology company’s stock worth $1,169,000 after purchasing an additional 761 shares during the period. Royal Bank of Canada lifted its holdings in shares of Avidity Biosciences by 13.8% during the third quarter. Royal Bank of Canada now owns 7,790 shares of the biotechnology company’s stock worth $192,000 after purchasing an additional 944 shares during the period. Voya Investment Management LLC lifted its holdings in shares of Avidity Biosciences by 10.6% during the third quarter. Voya Investment Management LLC now owns 14,108 shares of the biotechnology company’s stock worth $347,000 after purchasing an additional 1,352 shares during the period. Candriam Luxembourg S.C.A. lifted its holdings in shares of Avidity Biosciences by 0.9% during the fourth quarter. Candriam Luxembourg S.C.A. now owns 159,988 shares of the biotechnology company’s stock worth $3,803,000 after purchasing an additional 1,400 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth about $36,000. 94.31% of the stock is owned by institutional investors and hedge funds.

Shares of Avidity Biosciences stock traded down $0.97 during trading on Monday, hitting $18.22. 186,690 shares of the stock traded hands, compared to its average volume of 208,556. Avidity Biosciences has a 52-week low of $13.39 and a 52-week high of $29.59. The stock’s fifty day simple moving average is $17.42 and its 200 day simple moving average is $20.49.

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

About Avidity Biosciences (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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