Fintel reports that on September 24, 2024, Goldman Sachs initiated coverage of Avidity Biosciences (NasdaqGM:RNA) with a Buy recommendation.
Analyst Price Forecast Suggests 56.23% Upside
As of August 26, 2024, the average one-year price target for Avidity Biosciences is $68.68/share. The forecasts range from a low of $51.51 to a high of $100.80. The average price target represents an increase of 56.23% from its latest reported closing price of $43.96 / share.
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The projected annual revenue for Avidity Biosciences is 6MM, a decrease of 40.73%. The projected annual non-GAAP EPS is -3.78.
What is the Fund Sentiment?
There are 431 funds or institutions reporting positions in Avidity Biosciences. This is an increase of 77 owner(s) or 21.75% in the last quarter. Average portfolio weight of all funds dedicated to RNA is 0.30%, an increase of 32.75%. Total shares owned by institutions increased in the last three months by 25.68% to 119,777K shares. 
The put/call ratio of RNA is 0.83, indicating a bullish outlook.
What are Other Shareholders Doing?
Price T Rowe Associates holds 10,917K shares representing 9.32% ownership of the company. In its prior filing, the firm reported owning 7,429K shares , representing an increase of 31.95%. The firm increased its portfolio allocation in RNA by 129.64% over the last quarter.
Rtw Investments holds 8,807K shares representing 7.52% ownership of the company. In its prior filing, the firm reported owning 7,970K shares , representing an increase of 9.50%. The firm increased its portfolio allocation in RNA by 85.51% over the last quarter.
Avoro Capital Advisors holds 6,505K shares representing 5.55% ownership of the company. In its prior filing, the firm reported owning 5,825K shares , representing an increase of 10.45%. The firm increased its portfolio allocation in RNA by 104.11% over the last quarter.
Ra Capital Management holds 5,400K shares representing 4.61% ownership of the company. In its prior filing, the firm reported owning 3,282K shares , representing an increase of 39.22%. The firm increased its portfolio allocation in RNA by 171.67% over the last quarter.
Cowen And Company holds 5,129K shares representing 4.38% ownership of the company. In its prior filing, the firm reported owning 5,629K shares , representing a decrease of 9.75%. The firm decreased its portfolio allocation in RNA by 11.98% 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.
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This story originally appeared on Fintel.
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