Avidity Biosciences (NASDAQ:RNA) Now Covered by Analysts at HC Wainwright

Analysts at HC Wainwright assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA - Get Free Report) in a research report issued on Friday, Marketbeat reports. The brokerage set a "buy" rating and a $72.00 price target on the biotechnology company's stock. HC Wainwright's target price would suggest a potential upside of 126.27% from the company's previous close.

Other equities research analysts have also recently issued research reports about the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Evercore ISI cut their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a research note on Monday, August 26th. Needham & Company LLC restated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Royal Bank of Canada began coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They issued an "outperform" rating and a $67.00 price objective for the company. Finally, Chardan Capital restated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $64.36.

Avidity Biosciences Trading Up 2.5 %

NASDAQ RNA traded up $0.77 during trading on Friday, hitting $31.82. 2,906,533 shares of the company traded hands, compared to its average volume of 1,316,742. The company has a market capitalization of $3.80 billion, a P/E ratio of -11.05 and a beta of 0.89. The business has a fifty day simple moving average of $42.38 and a 200 day simple moving average of $42.15. Avidity Biosciences has a 12 month low of $8.49 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Equities research analysts predict that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Activity

In other news, Director Arthur A. Levin sold 3,323 shares of the company's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the sale, the director now directly owns 14,830 shares of the company's stock, valued at approximately $624,639.60. This represents a 18.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the sale, the chief executive officer now directly owns 234,663 shares of the company's stock, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 250,614 shares of company stock worth $10,006,616 in the last quarter. Corporate insiders own 3.68% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently modified their holdings of the business. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences in the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences in the third quarter valued at approximately $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences in the third quarter valued at approximately $32,000. Quarry LP increased its position in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock valued at $82,000 after purchasing an additional 1,700 shares during the period. Finally, Quest Partners LLC raised its holdings in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock worth $93,000 after purchasing an additional 1,392 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.