Avidity Biosciences (NASDAQ:RNA) Receives “Buy” Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research report report published on Friday,Benzinga reports. The firm currently has a $72.00 price objective on the biotechnology company’s stock.

Several other research firms also recently commented on RNA. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Chardan Capital reiterated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen raised their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Royal Bank of Canada assumed coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price target on the stock. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $65.80.

Avidity Biosciences Trading Down 1.6 %

Shares of RNA stock opened at $29.46 on Friday. The firm’s fifty day moving average price is $37.72 and its two-hundred day moving average price is $41.74. Avidity Biosciences has a 1 year low of $9.93 and a 1 year high of $56.00. The firm has a market capitalization of $3.51 billion, a P/E ratio of -10.23 and a beta of 0.99.

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

Insider Activity

In other Avidity Biosciences news, insider W. Michael Flanagan sold 24,000 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total transaction of $858,480.00. Following the sale, the insider now directly owns 85,389 shares in the company, valued at $3,054,364.53. This represents a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the sale, the insider now owns 94,018 shares in the company, valued at $4,561,753.36. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 163,071 shares of company stock valued at $6,125,324. 3.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. National Bank of Canada FI bought a new position in shares of Avidity Biosciences in the third quarter worth about $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences in the 3rd quarter valued at approximately $30,000. Values First Advisors Inc. acquired a new stake in Avidity Biosciences in the third quarter valued at approximately $32,000. Quarry LP grew its stake 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 worth $82,000 after buying an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC increased its holdings in shares of Avidity Biosciences by 217.8% during the third 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 in the last quarter.

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.