Fintel reports that on August 9, 2023, Needham reiterated coverage of Avidity Biosciences (NASDAQ:RNA) with a Buy recommendation.
Analyst Price Forecast Suggests 322.62% Upside
As of August 2, 2023, the average one-year price target for Avidity Biosciences is 37.74. The forecasts range from a low of 20.20 to a high of $74.55. The average price target represents an increase of 322.62% from its latest reported closing price of 8.93.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Avidity Biosciences is 8MM, a decrease of 18.27%. The projected annual non-GAAP EPS is -3.60.
What is the Fund Sentiment?
There are 339 funds or institutions reporting positions in Avidity Biosciences. This is a decrease of 6 owner(s) or 1.74% in the last quarter. Average portfolio weight of all funds dedicated to RNA is 0.18%, a decrease of 28.08%. Total shares owned by institutions increased in the last three months by 9.01% to 81,714K shares. 
The put/call ratio of RNA is 0.06, indicating a bullish outlook.
What are Other Shareholders Doing?
Price T Rowe Associates holds 6,864K shares representing 9.69% ownership of the company. In it's prior filing, the firm reported owning 6,707K shares, representing an increase of 2.29%. The firm decreased its portfolio allocation in RNA by 34.12% over the last quarter.
Ra Capital Management holds 6,417K shares representing 9.06% ownership of the company. In it's prior filing, the firm reported owning 5,455K shares, representing an increase of 15.00%. The firm decreased its portfolio allocation in RNA by 9.16% over the last quarter.
Rtw Investments holds 6,387K shares representing 9.02% ownership of the company. In it's prior filing, the firm reported owning 5,606K shares, representing an increase of 12.24%. The firm decreased its portfolio allocation in RNA by 19.60% over the last quarter.
Cowen And Company holds 5,629K shares representing 7.95% ownership of the company. In it's prior filing, the firm reported owning 4,593K shares, representing an increase of 18.41%. The firm decreased its portfolio allocation in RNA by 40.26% over the last quarter.
PRNHX - T. Rowe Price New Horizons Fund holds 3,358K shares representing 4.74% ownership of the company. In it's prior filing, the firm reported owning 3,360K shares, representing a decrease of 0.07%. The firm decreased its portfolio allocation in RNA by 34.68% over the last quarter.
Avidity Biosciences Background Information
(This description is provided by the company.)
Avidity Biosciences, Inc. is driven to change lives with a new class of therapies called Antibody Oligonucleotide Conjugates (AOCs) that are designed to overcome current limitations of oligonucleotide therapies in order to treat a wide range of serious diseases. Avidity's proprietary AOC platform combines the tissue selectivity of monoclonal antibodies and the precision of oligonucleotide therapies to access previously undruggable tissue and cell types and more effectively target underlying genetic drivers of diseases. Avidity's lead product candidate, AOC 1001, is designed to treat myotonic dystrophy type 1, and its other muscle programs are focused on the treatment of Duchenne muscular dystrophy, facioscapulohumeral muscular dystrophy, Pompe disease and muscle atrophy. In addition to its muscle franchise, Avidity has research efforts focused on immune, cardiac and other cell types.
Additional reading:
- Avidity Biosciences Reports First Quarter 2023 Financial Results and Recent Highlights Positive Topline Data from AOC 1001 Phase 1/2 MARINA™ Trial Demonstrated Functional Improvement, Disease Modification and Favorable Safety and Tolerability Profile
- Amended and Restated Non-Employee Director Compensation Program
- 1 Investor & Analyst Event Series – Volume 7 AOC 1001 MARINATM Phase 1/2 Topline Data Kristl, Zen & Loraine living with DM1 Nathan living with DMD Josh living with FSHD 2 Forward-Looking Statements We caution the reader that this presentation contain
- Avidity Biosciences Reports Fourth Quarter and Year-End 2022 Financial Results and Recent Highlights
- Avidity Biosciences, Inc. 2020 Incentive Award Plan, including form of stock option grant notice and stock option agreement and form of restricted stock unit grant notice and restricted stock unit agreement thereunder.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
