Avidity Biosciences’ (RNA) Buy Rating Reiterated at HC Wainwright

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $72.00 price objective on the biotechnology company’s stock. HC Wainwright’s target price points to a potential upside of 140.56% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Chardan Capital restated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $65.80.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $29.93 on Friday. Avidity Biosciences has a fifty-two week low of $9.93 and a fifty-two week high of $56.00. The company has a market capitalization of $3.57 billion, a P/E ratio of -10.39 and a beta of 0.99. The stock has a 50 day moving average price of $37.97 and a two-hundred day moving average price of $41.81.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. As a group, equities analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In other news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00. Following the completion of the transaction, the insider now owns 94,018 shares of the company’s stock, valued at $4,561,753.36. The trade was a 21.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider W. Michael Flanagan sold 12,742 shares of Avidity Biosciences stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the transaction, the insider now directly owns 72,647 shares of the company’s stock, valued at $2,372,651.02. This trade represents a 14.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 163,071 shares of company stock valued at $6,125,324 in the last three months. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently bought and sold shares of RNA. National Bank of Canada FI bought a new position in shares of Avidity Biosciences during the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences in the third quarter valued at about $30,000. Values First Advisors Inc. purchased a new position in Avidity Biosciences in the third quarter worth about $32,000. Quarry LP boosted its position in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC grew its stake in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares during the period.

Avidity Biosciences Company Profile

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.