HC Wainwright Initiates Coverage on Avidity Biosciences (NASDAQ:RNA)

Equities research analysts at HC Wainwright initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report issued on Friday, Marketbeat reports. The firm set a “buy” rating and a $72.00 price target on the biotechnology company’s stock. HC Wainwright’s target price points to a potential upside of 126.27% from the stock’s current price.

A number of other equities research analysts also recently commented on RNA. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Barclays started coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. 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. TD Cowen upped their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Evercore ISI decreased their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and a consensus price target of $64.36.

Avidity Biosciences Stock Performance

RNA stock opened at $31.82 on Friday. The stock’s 50 day moving average price is $42.38 and its 200 day moving average price is $42.15. The firm has a market cap of $3.80 billion, a P/E ratio of -11.05 and a beta of 0.89. Avidity Biosciences has a 1 year low of $8.49 and a 1 year high of $56.00.

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

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at $691,522.90. This represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider W. Michael Flanagan sold 12,742 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the transaction, the insider now directly owns 72,647 shares in the company, valued at approximately $2,372,651.02. This represents a 14.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 250,614 shares of company stock worth $10,006,616 over the last three months. 3.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently modified their holdings of the stock. PEAK6 Investments LLC grew its holdings in Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 343 shares in the last quarter. Arizona State Retirement System boosted its position 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 valued at $816,000 after buying an additional 405 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the third quarter valued at about $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences during the third quarter worth about $30,000. Finally, Values First Advisors Inc. acquired a new position in shares of Avidity Biosciences in the third quarter worth about $32,000.

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.