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

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

A number of other equities analysts have also commented on RNA. Bank of America cut their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Barclays cut their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Monday. Finally, Citigroup started coverage on Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Trading Up 8.7 %

NASDAQ:RNA opened at $33.83 on Monday. The stock has a market cap of $4.07 billion, a P/E ratio of -11.75 and a beta of 1.02. The stock’s 50-day moving average is $31.04 and its 200-day moving average is $37.77. Avidity Biosciences has a 1-year low of $21.56 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to analyst estimates 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 forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was 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 owns 265,308 shares in the company, valued at $8,664,959.28. This represents a 10.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the sale, the chief financial officer now owns 104,655 shares in the company, valued at $2,992,086.45. The trade was a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,138 shares of company stock valued at $2,539,032 over the last ninety days. 3.68% of the stock is owned by company insiders.

Institutional Trading of Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in RNA. Victory Capital Management Inc. grew its position in shares of Avidity Biosciences by 52.1% during the 3rd quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock valued at $1,524,000 after acquiring an additional 11,367 shares during the period. Quest Partners LLC grew its holdings in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Avidity Biosciences by 3,836.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,025 shares of the biotechnology company’s stock worth $9,968,000 after buying an additional 211,512 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Avidity Biosciences during the 3rd quarter valued at $1,701,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Avidity Biosciences during the 3rd quarter valued at $265,000.

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.