Avidity Biosciences (NASDAQ:RNA) Upgraded by Wells Fargo & Company to “Strong-Buy” Rating

Wells Fargo & Company upgraded shares of Avidity Biosciences (NASDAQ:RNA) to a strong-buy rating in a research note published on Tuesday morning,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Chardan Capital reissued a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, November 11th. TD Cowen reiterated a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. Finally, Evercore set a $72.00 price target on shares of Avidity Biosciences in a report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Hold” and an average target price of $66.79.

Avidity Biosciences Price Performance

Shares of RNA opened at $14.57 on Tuesday. The business’s 50-day moving average price is $61.14 and its 200 day moving average price is $59.80. Avidity Biosciences has a 1-year low of $13.81 and a 1-year high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing the consensus estimate of ($1.24) by ($0.35). Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The company had revenue of $0.86 million during the quarter, compared to analyst estimates of $1.98 million. On average, equities research analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Activity

In other Avidity Biosciences news, insider Steven George Hughes sold 4,895 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $354,642.75. Following the transaction, the insider directly owned 31,599 shares of the company’s stock, valued at approximately $2,289,347.55. The trade was a 13.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 14,387 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $1,042,338.15. Following the sale, the chief executive officer owned 269,007 shares of the company’s stock, valued at approximately $19,489,557.15. This represents a 5.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 58,407 shares of company stock valued at $4,226,448 in the last three months. Corporate insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently made changes to their positions in RNA. JPMorgan Chase & Co. increased its stake in shares of Avidity Biosciences by 55.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock worth $39,194,000 after purchasing an additional 319,282 shares during the last quarter. Candriam S.C.A. grew its stake in shares of Avidity Biosciences by 10.2% in the third quarter. Candriam S.C.A. now owns 487,917 shares of the biotechnology company’s stock valued at $21,259,000 after buying an additional 45,144 shares in the last quarter. Atle Fund Management AB bought a new stake in Avidity Biosciences during the third quarter worth $2,265,000. New York State Common Retirement Fund grew its holdings in Avidity Biosciences by 44.2% during the third quarter. New York State Common Retirement Fund now owns 392,644 shares of the biotechnology company’s stock worth $17,107,000 after purchasing an additional 120,365 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Avidity Biosciences by 157.0% in the third quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock valued at $2,001,000 after buying an additional 28,055 shares during the last quarter.

About Avidity Biosciences

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.