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

Research analysts at HC Wainwright assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $72.00 price target on the biotechnology company’s stock. HC Wainwright’s price target would indicate a potential upside of 126.27% from the company’s previous close.

RNA has been the subject of a number of other reports. Chardan Capital reissued a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Royal Bank of Canada initiated coverage on Avidity Biosciences in a report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price objective for the company. Barclays initiated coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Evercore ISI decreased their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $64.36.

Avidity Biosciences Trading Up 2.5 %

RNA stock opened at $31.82 on Friday. The stock 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 twelve month low of $8.49 and a twelve month high of $56.00. The company’s 50 day moving average is $42.38 and its two-hundred day moving average is $42.15.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) 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 firm had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. On average, equities research analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. This trade represents a 16.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 31,855 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the sale, the chief executive officer now 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 disclosure for this sale can be found here. In the last quarter, insiders sold 250,614 shares of company stock worth $10,006,616. Company insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC increased its holdings in Avidity Biosciences by 32.4% in the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after buying an additional 1,076 shares in the last quarter. EFG Asset Management North America Corp. purchased a new position in Avidity Biosciences in the 2nd quarter valued at approximately $1,227,000. Bank of New York Mellon Corp raised its holdings in Avidity Biosciences by 46.6% during the second quarter. Bank of New York Mellon Corp now owns 363,953 shares of the biotechnology company’s stock worth $14,867,000 after purchasing an additional 115,676 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Avidity Biosciences by 48.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,277 shares of the biotechnology company’s stock worth $910,000 after purchasing an additional 7,258 shares in the last quarter. Finally, nVerses Capital LLC grew its holdings in Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 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.