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

HC Wainwright reiterated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a report released on Friday,Benzinga reports. They currently have a $72.00 price target on the biotechnology company’s stock.

RNA has been the topic of a number of other research reports. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. TD Cowen raised their price objective 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 restated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Chardan Capital reiterated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and an average price target of $65.80.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $29.46 on Friday. Avidity Biosciences has a fifty-two week low of $9.93 and a fifty-two week high of $56.00. The stock has a 50 day simple moving average of $37.72 and a two-hundred day simple moving average of $41.77. The company has a market cap of $3.51 billion, a P/E ratio of -10.23 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data 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. The company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, research analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,855 shares of the business’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 $1,040,384.30. Following the transaction, the chief executive officer now directly owns 265,308 shares in the company, valued at $8,664,959.28. The trade was a 10.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider W. Michael Flanagan sold 12,742 shares of the firm’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 sale, the insider now owns 72,647 shares of the company’s stock, valued at approximately $2,372,651.02. The trade was a 14.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,071 shares of company stock valued at $6,125,324 over the last ninety days. Corporate insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently bought and sold shares of the company. Rhumbline Advisers lifted its position in shares of Avidity Biosciences by 19.0% during the second quarter. Rhumbline Advisers now owns 141,481 shares of the biotechnology company’s stock worth $5,779,000 after acquiring an additional 22,604 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Avidity Biosciences by 134.1% during the 2nd quarter. Victory Capital Management Inc. now owns 21,817 shares of the biotechnology company’s stock worth $891,000 after acquiring an additional 12,497 shares during the period. Arizona State Retirement System lifted its stake in Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after purchasing an additional 405 shares in the last quarter. Dorsey & Whitney Trust CO LLC purchased a new position in shares of Avidity Biosciences during the 2nd quarter valued at $286,000. Finally, American Century Companies Inc. increased its holdings in shares of Avidity Biosciences by 18.5% in the second quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock worth $6,725,000 after purchasing an additional 25,663 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.