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 report published on Friday,Benzinga reports. The firm currently has a $72.00 price objective on the biotechnology company’s stock.

A number of other analysts have also weighed in on RNA. 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. Royal Bank of Canada assumed coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 target price for the company. TD Cowen upped their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, The Goldman Sachs Group started 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 on the stock. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $65.80.

Avidity Biosciences Stock Performance

Shares of RNA opened at $29.46 on Friday. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -10.23 and a beta of 0.99. The stock has a fifty day moving average price of $37.72 and a two-hundred day moving average price of $41.74. Avidity Biosciences has a 52-week low of $9.93 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly 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 during the quarter, compared to analysts’ expectations of $7.09 million. As a group, research analysts predict that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00. Following the completion of the transaction, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $4,561,753.36. The trade was a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sarah Boyce sold 31,855 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the sale, the chief executive officer now owns 265,308 shares of the company’s stock, valued at $8,664,959.28. This trade represents a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 163,071 shares of company stock valued at $6,125,324 in the last 90 days. 3.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the third quarter worth $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the 3rd quarter worth about $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences during the 3rd quarter worth about $32,000. Quarry LP lifted its holdings in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC boosted its position 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 during the period.

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.