Avidity Biosciences (NASDAQ:RNA) Earns "Buy" Rating from HC Wainwright

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They presently have a $72.00 price target on the biotechnology company's stock. HC Wainwright's price objective indicates a potential upside of 133.46% from the company's previous close.

A number of other research analysts also recently issued reports on RNA. Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. BMO Capital Markets began coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target on the stock. Chardan Capital reiterated a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Monday. Citigroup began coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They set a "buy" rating and a $70.00 target price on the stock. Finally, 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 target for the company. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has a consensus rating of "Buy" and a consensus target price of $66.69.

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Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock traded up $0.01 during midday trading on Monday, reaching $30.84. The company had a trading volume of 1,849,399 shares, compared to its average volume of 1,314,704. The stock has a fifty day moving average price of $31.08 and a 200 day moving average price of $37.58. Avidity Biosciences has a fifty-two week low of $21.56 and a fifty-two week high of $56.00. The firm has a market cap of $3.71 billion, a PE ratio of -10.71 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) 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). 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 the consensus estimate of $1.74 million. As a group, sell-side analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Activity at Avidity Biosciences

In related news, 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 directly owns 50,554 shares of the company's stock, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Teresa Mccarthy sold 2,959 shares of the 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 owns 104,908 shares of the company's stock, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 24,390 shares of company stock valued at $718,303. 3.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences in the third quarter valued at $27,000. TD Waterhouse Canada Inc. boosted its stake in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 866 shares during the period. Van ECK Associates Corp purchased a new position in Avidity Biosciences during the 4th quarter valued at about $38,000. Quest Partners LLC increased its position in shares of 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 buying an additional 1,392 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth about $60,000.

About Avidity Biosciences

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.