In a report issued on May 12, Joseph Schwartz from Leerink Partners initiated coverage with a Buy rating on Avidity Biosciences (RNA) and a price target of $36.00. The company’s shares closed last Tuesday at $21.27, close to its 52-week low of $19.12.
According to TipRanks.com, Schwartz is a 4-star analyst with an average return of 12.2% and a 45.6% success rate. Schwartz covers the Healthcare sector, focusing on stocks such as Applied Molecular Transport, Crinetics Pharmaceuticals, and Mereo Biopharma Group Plc.
Avidity Biosciences has an analyst consensus of Strong Buy, with a price target consensus of $36.50.
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Based on Avidity Biosciences’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.7 million and GAAP net loss of $23.84 million. In comparison, last year the company earned revenue of $1.36 million and had a GAAP net loss of $6.09 million.
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Avidity Biosciences Inc is a bio-technology company. The company develops novel Antibody Oligonucleotide Conjugates therapies designed to overcome the current limitations of oligonucleotide therapies in order to treat a wide range of serious diseases. Its product candidate AOC 1001, is designed to treat a rare monogenic muscle disease.