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

Avidity Biosciences (NASDAQ:RNAGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday, 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. “

Separately, TheStreet downgraded Avidity Biosciences from a “c-” rating to a “d+” rating in a research note on Friday, January 7th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and a consensus price target of $45.67.

Shares of RNA opened at $15.44 on Thursday. The stock has a market capitalization of $737.34 million, a P/E ratio of -5.44 and a beta of 1.36. Avidity Biosciences has a twelve month low of $13.39 and a twelve month high of $29.59. The company has a 50 day moving average of $17.46 and a 200-day moving average of $19.81.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. RTW Investments LP raised its position in Avidity Biosciences by 20.0% in the 3rd quarter. RTW Investments LP now owns 4,795,000 shares of the biotechnology company’s stock valued at $118,101,000 after buying an additional 800,000 shares during the last quarter. BlackRock Inc. raised its position in Avidity Biosciences by 2.6% in the 4th quarter. BlackRock Inc. now owns 3,297,480 shares of the biotechnology company’s stock valued at $78,380,000 after buying an additional 84,704 shares during the last quarter. EcoR1 Capital LLC raised its position in Avidity Biosciences by 31.2% in the 3rd quarter. EcoR1 Capital LLC now owns 2,759,505 shares of the biotechnology company’s stock valued at $67,967,000 after buying an additional 655,555 shares during the last quarter. Deep Track Capital LP purchased a new stake in shares of Avidity Biosciences during the 4th quarter valued at $23,770,000. Finally, Geode Capital Management LLC increased its position in shares of Avidity Biosciences by 79.1% during the 3rd quarter. Geode Capital Management LLC now owns 739,266 shares of the biotechnology company’s stock valued at $18,208,000 after purchasing an additional 326,589 shares during the last quarter. 95.12% of the stock is owned by institutional investors and hedge funds.

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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