Avidity Biosciences (NASDAQ:RNA) Upgraded to Outperform at Evercore ISI

Avidity Biosciences (NASDAQ:RNA – Get Rating) was upgraded by stock analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research report issued on Monday, Briefing.com reports. The firm currently has a $20.00 price objective on the biotechnology company’s stock. Evercore ISI’s price target would indicate a potential upside of 84.84% from the company’s previous close.

A number of other brokerages have also commented on RNA. Wells Fargo & Company decreased their price objective on Avidity Biosciences from $55.00 to $50.00 in a research report on Thursday, May 11th. 1-800-FLOWERS.COM reaffirmed a “reiterates” rating on shares of Avidity Biosciences in a research note on Friday, April 28th. Chardan Capital reaffirmed a “buy” rating and set a $27.00 price target on shares of Avidity Biosciences in a research note on Friday, March 31st. Credit Suisse Group cut their price target on Avidity Biosciences from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, March 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price target on shares of Avidity Biosciences in a research note on Wednesday, March 1st. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Avidity Biosciences has a consensus rating of “Buy” and a consensus target price of $38.83.

Avidity Biosciences Stock Up 1.2 %

NASDAQ:RNA opened at $10.82 on Monday. Avidity Biosciences has a 1-year low of $9.83 and a 1-year high of $25.74. The firm has a market capitalization of $766.27 million, a price-to-earnings ratio of -3.22 and a beta of -0.10. The stock has a fifty day simple moving average of $15.35 and a 200 day simple moving average of $17.77.

Avidity Biosciences (NASDAQ:RNA – Get Rating) last released its quarterly earnings results on Tuesday, February 28th. The biotechnology company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.04). Avidity Biosciences had a negative net margin of 1,988.76% and a negative return on equity of 40.70%. The company had revenue of $2.77 million during the quarter, compared to analyst estimates of $2.39 million. Equities analysts predict that Avidity Biosciences will post -3.24 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $26,000. Quantbot Technologies LP grew its holdings in shares of Avidity Biosciences by 600.0% during the 2nd quarter. Quantbot Technologies LP now owns 2,100 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 1,800 shares in the last quarter. Great West Life Assurance Co. Can acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $31,000. Belpointe Asset Management LLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $44,000. Finally, Daiwa Securities Group Inc. boosted its stake in Avidity Biosciences by 2,964.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 4,780 shares of the biotechnology company’s stock valued at $78,000 after buying an additional 4,624 shares in the last quarter.

Avidity Biosciences Company Profile

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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.