Avidity Biosciences (NASDAQ:RNA) Now Covered by Analysts at HC Wainwright

HC Wainwright assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a report released on Friday, Marketbeat.com reports. The brokerage issued a buy rating and a $72.00 price target on the biotechnology company’s stock.

Several other brokerages have also issued reports on RNA. Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. TD Cowen increased their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Finally, Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective for the company. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $64.36.

Avidity Biosciences Stock Performance

RNA stock opened at $31.82 on Friday. Avidity Biosciences has a one year low of $8.49 and a one year high of $56.00. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of -11.05 and a beta of 0.89. The firm has a 50-day simple moving average of $42.38 and a two-hundred day simple moving average of $42.15.

Avidity Biosciences (NASDAQ:RNA) last announced its 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 company had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, equities analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the transaction, the chief executive officer now owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. This represents a 12.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares in the company, valued at approximately $3,036,792. The trade was a 16.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 250,614 shares of company stock worth $10,006,616. Insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in shares of Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after acquiring an additional 3,228,923 shares during the last quarter. State Street Corp boosted its stake in Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after purchasing an additional 1,386,087 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after buying an additional 1,239,323 shares in the last quarter. RA Capital Management L.P. raised its position in shares of Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after buying an additional 900,000 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its stake in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after buying an additional 707,773 shares in the last quarter.

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.