Avidity Biosciences, Inc. (NASDAQ:RNA) Stock Has Average Target Price of $40.80

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have received a consensus rating of “Moderate Buy” from the ten brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $40.80.

RNA has been the subject of several recent analyst reports. Roth Capital assumed coverage on Avidity Biosciences in a report on Thursday, October 22nd. They issued a “buy” rating and a $15.00 target price for the company. HC Wainwright decreased their price target on Avidity Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. Finally, Weiss Ratings upgraded Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $8.34 on Friday. The stock has a market cap of $142.70 million and a price-to-earnings ratio of -3.88. Avidity Biosciences has a fifty-two week low of $7.49 and a fifty-two week high of $16.77. The firm’s 50-day simple moving average is $9.25 and its 200 day simple moving average is $19.87.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.24. The firm had revenue of $3.00 million for the quarter, compared to analysts’ expectations of $0.67 million. On average, sell-side analysts predict that Avidity Biosciences will post -4.45 EPS for the current year.

Institutional Investors Weigh In On Avidity Biosciences

An institutional investor recently bought a new stake in Avidity Biosciences stock. Hsbc Holdings PLC bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 32,729 shares of the biotechnology company’s stock, valued at approximately $2,360,000.

Avidity Biosciences Company Profile

Avidity Biosciences, Inc is a biotechnology company focused on developing RNA-based medicines for genetic diseases. The company’s approach is designed to address conditions that are difficult to treat with conventional oligonucleotide therapies, including diseases affecting skeletal muscle.

Avidity’s proprietary AOC (antibody oligonucleotide conjugate) platform combines monoclonal antibodies with oligonucleotide-based medicines. The antibody component is intended to help deliver the therapeutic payload to specific tissues, while the oligonucleotide component is designed to modify or regulate disease-related RNA.