HC Wainwright Issues Pessimistic Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its price target lowered by HC Wainwright from $72.00 to $68.00 in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other research analysts have also commented on RNA. Bank of America dropped their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Finally, 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. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $66.38.

Avidity Biosciences Stock Up 5.2%

RNA stock opened at $29.33 on Monday. The company has a 50 day moving average of $29.27 and a two-hundred day moving average of $33.21. Avidity Biosciences has a 12-month low of $21.51 and a 12-month high of $56.00. The company has a market cap of $3.53 billion, a price-to-earnings ratio of -10.18 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. On average, research analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current 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 Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total transaction of $163,501.25. Following the completion of the transaction, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,406,917.82. This trade represents a 10.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven George Hughes sold 9,578 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the transaction, the insider now directly owns 72,850 shares of the company’s stock, valued at $2,262,721. The trade was a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,803 shares of company stock valued at $1,877,437 in the last ninety days. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in Avidity Biosciences during the 1st quarter valued at about $12,729,000. Invesco Ltd. raised its stake in shares of Avidity Biosciences by 204.1% in the first quarter. Invesco Ltd. now owns 288,139 shares of the biotechnology company’s stock worth $8,506,000 after acquiring an additional 193,376 shares during the last quarter. Citigroup Inc. raised its stake in shares of Avidity Biosciences by 98.6% in the first quarter. Citigroup Inc. now owns 377,279 shares of the biotechnology company’s stock worth $11,137,000 after acquiring an additional 187,325 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Avidity Biosciences by 9.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company’s stock worth $181,000 after acquiring an additional 514 shares during the last quarter. Finally, Privium Fund Management B.V. raised its stake in shares of Avidity Biosciences by 8.2% in the first quarter. Privium Fund Management B.V. now owns 34,500 shares of the biotechnology company’s stock worth $1,018,000 after acquiring an additional 2,600 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.