Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Consensus Rating of “Hold” from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has earned a consensus rating of “Hold” from the twenty-one analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $69.5714.

Several analysts recently weighed in on RNA shares. Chardan Capital reissued a “neutral” rating and set a $72.00 price target on shares of Avidity Biosciences in a report on Tuesday, November 11th. Evercore set a $72.00 price objective on Avidity Biosciences in a research report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Finally, TD Cowen restated a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $14.91 on Tuesday. Avidity Biosciences has a 52 week low of $13.06 and a 52 week high of $15.93. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -3.00 and a beta of 0.93. The company has a 50-day simple moving average of $70.26 and a 200 day simple moving average of $61.69.

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

Insider Transactions at Avidity Biosciences

In other news, insider W. Michael Flanagan sold 6,534 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $473,388.30. Following the transaction, the insider directly owned 85,093 shares of the company’s stock, valued at approximately $6,164,987.85. This trade represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 1,758 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $127,367.10. Following the completion of the sale, the director owned 16,562 shares of the company’s stock, valued at approximately $1,199,916.90. The trade was a 9.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 58,407 shares of company stock worth $4,226,448. Company insiders own 3.83% of the company’s stock.

Institutional Trading of Avidity Biosciences

A number of institutional investors have recently modified their holdings of RNA. Virtu Financial LLC bought a new position in shares of Avidity Biosciences in the fourth quarter worth $1,556,000. Corient Private Wealth LLC acquired a new stake in Avidity Biosciences during the fourth quarter worth about $689,000. Alberta Investment Management Corp bought a new position in Avidity Biosciences in the 4th quarter valued at about $1,803,000. Mackenzie Financial Corp raised its position in shares of Avidity Biosciences by 14.9% in the 4th quarter. Mackenzie Financial Corp now owns 7,255 shares of the biotechnology company’s stock valued at $522,000 after buying an additional 941 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at approximately $303,000.

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.