Avidity Biosciences (NASDAQ:RNA) Given Buy Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a report published on Monday morning,Benzinga reports. HC Wainwright currently has a $72.00 price target on the biotechnology company’s stock.

Several other equities research analysts also recently issued reports on the company. Citigroup assumed coverage on Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price target for the company. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Barclays cut their price target on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, Scotiabank began coverage on Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target for the company. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Stock Up 8.7 %

Shares of RNA opened at $33.83 on Monday. The stock has a market capitalization of $4.07 billion, a P/E ratio of -11.75 and a beta of 1.02. Avidity Biosciences has a twelve month low of $21.56 and a twelve month high of $56.00. The company has a 50 day moving average of $31.04 and a 200-day moving average of $37.77.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share 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 the consensus estimate of $1.74 million. On average, sell-side analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Michael F. Maclean sold 11,151 shares of Avidity Biosciences stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $364,191.66. Following the completion of the transaction, the chief financial officer now owns 82,942 shares in the company, valued at approximately $2,708,885.72. This represents a 11.85 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 80,138 shares of company stock worth $2,539,032. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PEAK6 Investments LLC grew its position in Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 343 shares during the last quarter. Aaron Wealth Advisors LLC grew its holdings in shares of Avidity Biosciences by 6.6% during the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after purchasing an additional 504 shares during the last quarter. Quantinno Capital Management LP grew its holdings in shares of Avidity Biosciences by 8.0% during the fourth quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 518 shares during the last quarter. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences during the third quarter worth about $27,000. Finally, New York State Common Retirement Fund grew its holdings in shares of Avidity Biosciences by 0.3% during the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after purchasing an additional 598 shares during 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.