Avidity Biosciences (NASDAQ:RNA) Given “Buy” Rating at HC Wainwright

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

Other analysts have also recently issued reports about the stock. TD Cowen increased their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Royal Bank of Canada started coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $65.80.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $29.93 on Friday. The stock’s fifty day moving average is $37.97 and its 200 day moving average is $41.81. Avidity Biosciences has a one year low of $9.93 and a one year high of $56.00. The stock has a market cap of $3.57 billion, a P/E ratio of -10.39 and a beta of 0.99.

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

Insiders Place Their Bets

In other news, CFO Michael F. Maclean sold 11,151 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $364,191.66. Following the transaction, the chief financial officer now directly owns 82,942 shares in the company, valued at approximately $2,708,885.72. This represents a 11.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the completion of the transaction, the chief executive officer now owns 265,308 shares in the company, valued at $8,664,959.28. This represents a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 163,071 shares of company stock valued at $6,125,324 in the last three months. Corporate insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently made changes to their positions in RNA. National Bank of Canada FI purchased a new stake in Avidity Biosciences during the third quarter worth $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences during the 3rd quarter worth $30,000. Values First Advisors Inc. purchased a new position in Avidity Biosciences in the third quarter valued at about $32,000. Quarry LP lifted its position in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC grew its position in shares of Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after buying an additional 1,392 shares during 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.