Avidity Biosciences (NASDAQ:RNA) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright began coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note published on Friday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $72.00 target price on the biotechnology company’s stock.

Several other brokerages also recently issued reports on RNA. Chardan Capital reissued a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen boosted their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report 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 target price for the company. Royal Bank of Canada started coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target on the stock. Finally, Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective for the company. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $64.36.

Avidity Biosciences Trading Up 2.5 %

NASDAQ RNA opened at $31.82 on Friday. Avidity Biosciences has a 12 month low of $8.49 and a 12 month high of $56.00. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of -11.05 and a beta of 0.89. The company’s 50 day moving average is $42.38 and its two-hundred day moving average is $42.15.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Sell-side analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 32,880 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the sale, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider W. Michael Flanagan sold 24,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total value of $858,480.00. Following the completion of the transaction, the insider now directly owns 85,389 shares in the company, valued at $3,054,364.53. This trade represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 250,614 shares of company stock worth $10,006,616. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently modified their holdings of RNA. National Bank of Canada FI purchased a new position in Avidity Biosciences during the 3rd quarter worth $27,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Avidity Biosciences during the third quarter valued at $30,000. Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences in the third quarter valued at about $32,000. Quarry LP lifted its stake 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 acquiring an additional 1,700 shares during the period. Finally, Quest Partners LLC increased its position in 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.

About Avidity Biosciences

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.