Shares of Avidity Biosciences, Inc. (NASDAQ:RNA – Get Rating) have been assigned a consensus rating of “Buy” from the six ratings firms that are covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts who have updated their coverage on the stock in the last year is $44.60.
RNA has been the subject of several recent analyst reports. Raymond James raised their target price on Avidity Biosciences from $30.00 to $71.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, December 14th. Needham & Company LLC cut their target price on Avidity Biosciences from $50.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, September 27th. Credit Suisse Group raised their target price on Avidity Biosciences from $33.00 to $35.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 14th. Wells Fargo & Company cut their target price on Avidity Biosciences from $60.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Chardan Capital cut their target price on Avidity Biosciences from $29.00 to $27.00 and set a “buy” rating for the company in a research note on Tuesday, September 27th.
Avidity Biosciences Stock Performance
NASDAQ:RNA opened at $19.83 on Wednesday. Avidity Biosciences has a one year low of $9.83 and a one year high of $23.57. The stock has a market cap of $1.08 billion, a PE ratio of -6.10 and a beta of -0.04. The stock has a 50 day moving average price of $15.16 and a 200 day moving average price of $16.97.
Avidity Biosciences (NASDAQ:RNA – Get Rating) last posted its quarterly earnings results on Tuesday, November 8th. The biotechnology company reported ($0.82) EPS for the quarter, beating the consensus estimate of ($0.97) by $0.15. Avidity Biosciences had a negative return on equity of 42.97% and a negative net margin of 1,950.91%. The firm had revenue of $2.48 million during the quarter, compared to analysts’ expectations of $2.39 million. As a group, analysts predict that Avidity Biosciences will post -3.3 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc boosted its position in shares of Avidity Biosciences by 3.9% during the second quarter. Legal & General Group Plc now owns 19,441 shares of the biotechnology company’s stock worth $282,000 after buying an additional 725 shares during the period. TD Asset Management Inc. boosted its position in shares of Avidity Biosciences by 0.6% during the third quarter. TD Asset Management Inc. now owns 133,271 shares of the biotechnology company’s stock worth $2,228,000 after buying an additional 800 shares during the period. Mirador Capital Partners LP boosted its position in shares of Avidity Biosciences by 2.9% during the second quarter. Mirador Capital Partners LP now owns 34,783 shares of the biotechnology company’s stock worth $505,000 after buying an additional 967 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in Avidity Biosciences by 3.3% in the second quarter. Harbor Capital Advisors Inc. now owns 46,942 shares of the biotechnology company’s stock valued at $682,000 after purchasing an additional 1,503 shares during the period. Finally, Itau Unibanco Holding SA purchased a new position in Avidity Biosciences in the third quarter valued at $26,000.
Avidity Biosciences Company Profile
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 is in preclinical stage.
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