HC Wainwright Reiterates “Buy” Rating for Avidity Biosciences (NASDAQ:RNA)

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued on Friday,Benzinga reports. They currently have a $72.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target would indicate a potential upside of 144.40% from the stock’s current price.

A number of other research firms have also recently issued reports on RNA. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. TD Cowen upped their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price target for the company. Finally, Chardan Capital restated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and an average price target of $65.80.

Avidity Biosciences Price Performance

NASDAQ RNA 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’s 50-day moving average is $37.72 and its two-hundred day moving average is $41.76. The firm 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 issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share 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 the consensus estimate 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, equities analysts expect that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling

In other news, insider W. Michael Flanagan sold 12,742 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 72,647 shares of the company’s stock, valued at approximately $2,372,651.02. This trade represents a 14.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders sold 163,071 shares of company stock valued at $6,125,324 over the last quarter. Corporate insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently modified their holdings of the company. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences during the third quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences during the third quarter valued at approximately $30,000. Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences during the third quarter valued at approximately $32,000. Quarry LP grew its stake in shares of Avidity Biosciences by 566.7% during 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 during the last quarter. Finally, Quest Partners LLC grew its stake 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 valued at $93,000 after purchasing an additional 1,392 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.