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

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a report released on Monday,Benzinga reports. They currently have a $72.00 price target on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 136.22% from the stock’s current price.

A number of other research firms have also recently weighed in on RNA. Scotiabank assumed 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. BMO Capital Markets began coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday, January 21st. Bank of America lowered their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Finally, Chardan Capital restated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Monday. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Stock Down 9.9 %

Shares of RNA opened at $30.48 on Monday. The company has a market capitalization of $3.66 billion, a PE ratio of -10.58 and a beta of 1.02. Avidity Biosciences has a 52-week low of $21.56 and a 52-week high of $56.00. The stock has a fifty day simple moving average of $31.03 and a two-hundred day simple moving average of $37.67.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, equities analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the sale, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 2,959 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $84,597.81. Following the sale, the insider now directly owns 104,908 shares in the company, valued at $2,999,319.72. This trade represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,390 shares of company stock valued at $718,303 in the last quarter. Corporate insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth about $27,000. TD Waterhouse Canada Inc. raised its position in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth about $38,000. Headlands Technologies LLC acquired a new position in Avidity Biosciences during the fourth quarter worth approximately $60,000. Finally, GF Fund Management CO. LTD. acquired a new position in Avidity Biosciences during the fourth quarter worth approximately $73,000.

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.