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

HC Wainwright reissued their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research note issued to investors on Monday,Benzinga reports. HC Wainwright currently has a $72.00 price objective on the biotechnology company’s stock.

A number of other research firms have also issued reports on RNA. Barclays lowered their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Monday. Finally, Scotiabank began coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $66.69.

Avidity Biosciences Trading Up 4.1 %

NASDAQ:RNA opened at $31.72 on Monday. Avidity Biosciences has a 1 year low of $21.56 and a 1 year high of $56.00. The firm’s fifty day simple moving average is $31.06 and its 200 day simple moving average is $37.63. The firm has a market capitalization of $3.81 billion, a PE ratio of -11.01 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). 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 $2.97 million during the quarter, compared to analyst estimates of $1.74 million. As a group, analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Activity

In related news, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares of the company’s stock, valued at $370,598.80. This trade represents a 12.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of Avidity Biosciences stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares of the company’s stock, valued at $2,999,319.72. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,390 shares of company stock worth $718,303. Corporate insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its stake in shares of Avidity Biosciences by 9.2% in the fourth quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company’s stock worth $2,459,000 after acquiring an additional 7,148 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Avidity Biosciences in the fourth quarter worth about $4,722,000. GF Fund Management CO. LTD. bought a new position in shares of Avidity Biosciences in the fourth quarter worth about $73,000. Neo Ivy Capital Management raised its stake in shares of Avidity Biosciences by 479.2% in the fourth quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company’s stock worth $2,795,000 after acquiring an additional 79,524 shares during the last quarter. Finally, Castleark Management LLC raised its stake in shares of Avidity Biosciences by 23.7% in the fourth quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company’s stock worth $2,054,000 after acquiring an additional 13,510 shares during the last quarter.

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.