Avidity Biosciences’ (RNA) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a report published on Monday,Benzinga reports. HC Wainwright currently has a $72.00 price target on the biotechnology company’s stock.

Other research analysts have also recently issued reports about the stock. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective for the company. Barclays decreased their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Scotiabank initiated coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Bank of America reduced their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Trading Up 4.1 %

Shares of NASDAQ:RNA opened at $31.72 on Monday. The firm’s 50 day moving average is $31.06 and its two-hundred day moving average is $37.63. The firm has a market capitalization of $3.81 billion, a P/E ratio of -11.01 and a beta of 1.02. Avidity Biosciences has a 52 week low of $21.56 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Analysts predict that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling

In related news, insider Teresa Mccarthy sold 2,959 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the transaction, the insider now owns 104,908 shares of the company’s stock, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,390 shares of company stock valued at $718,303. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI purchased a new stake in Avidity Biosciences in the 3rd quarter worth approximately $27,000. TD Waterhouse Canada Inc. raised its holdings 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 valued at $29,000 after purchasing an additional 866 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of Avidity Biosciences during the 4th quarter valued at $38,000. Headlands Technologies LLC bought a new position in shares of Avidity Biosciences during the 4th quarter valued at $60,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of Avidity Biosciences during the 4th quarter valued at $73,000.

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.