Avidity Biosciences (NASDAQ:RNA) Research Coverage Started at HC Wainwright

HC Wainwright assumed coverage on shares of Avidity Biosciences (NASDAQ:RNAFree Report) in a report released on Friday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $72.00 price target on the biotechnology company’s stock.

RNA has been the subject of several other reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Evercore ISI dropped their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. TD Cowen upped their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price on the stock. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and a consensus target price of $64.36.

Read Our Latest Research Report on RNA

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA opened at $31.82 on Friday. The stock has a 50-day simple moving average of $42.38 and a 200-day simple moving average of $42.25. The stock has a market capitalization 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:RNAGet Free Report) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In other news, Director Tamar Thompson sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $44.98, for a total value of $1,349,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider W. Michael Flanagan sold 24,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total value of $858,480.00. Following the transaction, the insider now owns 85,389 shares in the company, valued at $3,054,364.53. This trade represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 193,071 shares of company stock valued at $7,474,724 over the last ninety days. Corporate insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently bought and sold shares of RNA. Lord Abbett & CO. LLC raised its position in shares of Avidity Biosciences by 30.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after purchasing an additional 124,867 shares during the period. Franklin Resources Inc. grew its stake in Avidity Biosciences by 229.9% during the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock worth $3,412,000 after buying an additional 50,908 shares during the last quarter. Tidal Investments LLC acquired a new stake in Avidity Biosciences in the third quarter worth $407,000. Teachers Retirement System of The State of Kentucky lifted its stake in Avidity Biosciences by 43.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 29,965 shares of the biotechnology company’s stock valued at $1,376,000 after buying an additional 9,098 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Avidity Biosciences during the third quarter valued at $762,000.

About Avidity Biosciences

(Get Free Report)

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.

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