Leerink Partners Begins Coverage on Avidity Biosciences (NASDAQ:RNA)

Analysts at Leerink Partners began coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report issued on Friday. The firm set an “outperform” rating and a $25.00 price target on the biotechnology company’s stock. Leerink Partners’ target price would indicate a potential upside of 88.39% from the company’s previous close.

A number of other equities research analysts also recently weighed in on RNA. Wells Fargo & Company assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, March 11th. They issued an “overweight” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a research report on Saturday, March 21st. Finally, HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $66.95.

Avidity Biosciences Trading Down 0.2%

Shares of RNA opened at $13.27 on Friday. Avidity Biosciences has a 52-week low of $11.95 and a 52-week high of $16.77. The business’s fifty day moving average is $13.63 and its 200-day moving average is $50.13.

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

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently modified their holdings of RNA. AlphaQuest LLC grew its stake in shares of Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares during the last quarter. CWM LLC grew its position in shares of Avidity Biosciences by 1,635.1% in the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 605 shares during the last quarter. EFG International AG acquired a new stake in shares of Avidity Biosciences in the fourth quarter valued at about $33,000. Los Angeles Capital Management LLC bought a new position in shares of Avidity Biosciences during the fourth quarter worth about $34,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Avidity Biosciences by 426.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after acquiring an additional 397 shares during the period.

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.