Cantor Fitzgerald Begins Coverage on Avidity Biosciences (NASDAQ:RNA)

Stock analysts at Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note issued on Thursday. The brokerage set an “overweight” rating and a $25.00 price target on the biotechnology company’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 100.32% from the company’s current price.

Several other equities research analysts also recently commented on the company. Weiss Ratings downgraded Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday, May 22nd. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Leerink Partners assumed coverage on shares of Avidity Biosciences in a research note on Friday, May 15th. They set an “outperform” rating on the stock. Wells Fargo & Company started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock. Finally, Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $66.81.

Avidity Biosciences Trading Down 1.0%

Shares of Avidity Biosciences stock opened at $12.48 on Thursday. Avidity Biosciences has a twelve month low of $11.40 and a twelve month high of $16.77. The stock has a market cap of $213.48 million, a price-to-earnings ratio of -2.51 and a beta of 0.93. The company has a fifty day moving average price of $13.04 and a 200 day moving average price of $40.35.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) EPS for the quarter, beating the consensus estimate of ($1.05) by $0.08. The company had revenue of $19.64 million for the quarter, compared to analyst estimates of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. Analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current year.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the business. EFG International AG acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth approximately $33,000. Smartleaf Asset Management LLC raised its holdings in Avidity Biosciences by 426.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after acquiring an additional 397 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Avidity Biosciences during the 4th quarter valued at $34,000. Allworth Financial LP grew its holdings in Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 159 shares in the last quarter. Finally, Clearstead Advisors LLC acquired a new position in Avidity Biosciences during the 4th quarter worth $72,000.

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.