Avidity Biosciences (NASDAQ:RNA) Earns Buy Rating from HC Wainwright

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $72.00 price objective on the biotechnology company’s stock. HC Wainwright’s price objective would suggest a potential upside of 124.59% from the company’s previous close.

A number of other equities research analysts also recently commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday, January 21st. BMO Capital Markets began coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 target price for the company. Bank of America lowered their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Chardan Capital reiterated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Monday. Finally, Barclays dropped their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Price Performance

Avidity Biosciences stock traded up $0.95 during mid-day trading on Monday, reaching $32.06. 267,780 shares of the company traded hands, compared to its average volume of 1,310,448. The firm’s fifty day moving average is $30.99 and its two-hundred day moving average is $37.83. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of -11.12 and a beta of 1.02. Avidity Biosciences has a fifty-two week low of $21.56 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. As a group, equities research analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider W. Michael Flanagan sold 12,742 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now directly owns 72,647 shares in the company, valued at approximately $2,372,651.02. The trade was a 14.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 2,959 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the transaction, the insider now directly owns 104,908 shares of the company’s stock, valued at approximately $2,999,319.72. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,138 shares of company stock worth $2,539,032. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of RNA. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences in the 3rd quarter worth $27,000. TD Waterhouse Canada Inc. increased its holdings in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares during the last quarter. Van ECK Associates Corp purchased a new stake in shares of Avidity Biosciences during the 4th quarter valued at approximately $38,000. Headlands Technologies LLC acquired a new stake in Avidity Biosciences during the fourth quarter worth $60,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at $73,000.

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.