Avidity Biosciences (NASDAQ:RNA) Coverage Initiated at HC Wainwright

Stock analysts at HC Wainwright assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a report issued on Friday, Marketbeat.com reports. The firm set a “buy” rating and a $72.00 price target on the biotechnology company’s stock. HC Wainwright’s price target suggests a potential upside of 131.88% from the company’s previous close.

A number of other analysts have also weighed in on the stock. TD Cowen increased their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Chardan Capital reiterated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Royal Bank of Canada started coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group began coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $64.36.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $31.05 on Friday. The stock has a market capitalization of $3.70 billion, a P/E ratio of -10.78 and a beta of 0.89. Avidity Biosciences has a 1-year low of $8.37 and a 1-year high of $56.00. The business’s 50 day moving average is $42.67 and its two-hundred day moving average is $42.11.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, equities research analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 31,855 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the transaction, the chief executive officer now directly owns 265,308 shares of the company’s stock, valued at $8,664,959.28. This trade represents a 10.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the business’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 in the company, valued at approximately $4,561,753.36. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 250,614 shares of company stock valued at $10,006,616 over the last 90 days. Insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Several large investors have recently added to or reduced their stakes in RNA. PEAK6 Investments LLC raised its holdings in shares of Avidity Biosciences by 4.9% during the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after purchasing an additional 343 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares during the last quarter. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences in the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences in the third quarter worth about $30,000. Finally, Values First Advisors Inc. acquired a new stake in Avidity Biosciences during the third quarter worth about $32,000.

Avidity Biosciences Company Profile

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.