Brokerages Set Avidity Biosciences, Inc. (NASDAQ:RNA) Target Price at $69.42

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned a consensus rating of “Hold” from the nineteen ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, twelve have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $69.4211.

A number of brokerages have recently issued reports on RNA. Wall Street Zen upgraded Avidity Biosciences to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Finally, Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating on the stock.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Avidity Biosciences by 55.0% in the third quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock valued at $39,194,000 after purchasing an additional 319,282 shares during the last quarter. Candriam S.C.A. boosted its stake in Avidity Biosciences by 10.2% during the third quarter. Candriam S.C.A. now owns 487,917 shares of the biotechnology company’s stock worth $21,259,000 after buying an additional 45,144 shares during the last quarter. Atle Fund Management AB purchased a new stake in Avidity Biosciences in the 3rd quarter valued at $2,265,000. New York State Common Retirement Fund increased its stake in shares of Avidity Biosciences by 44.2% in the 3rd quarter. New York State Common Retirement Fund now owns 392,644 shares of the biotechnology company’s stock worth $17,107,000 after acquiring an additional 120,365 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Avidity Biosciences by 157.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock worth $2,001,000 after acquiring an additional 28,055 shares during the period.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $13.49 on Wednesday. Avidity Biosciences has a twelve month low of $11.95 and a twelve month high of $16.77. The business has a 50-day moving average price of $24.52 and a 200 day moving average price of $53.09.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). The business had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $1.98 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. As a group, equities analysts expect that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.