Avidity Biosciences’ (RNA) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research report report published on Friday morning,Benzinga reports. The firm currently has a $25.00 target price on the biotechnology company’s stock.

Several other research firms have also recently weighed in on RNA. Weiss Ratings upgraded Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. Zacks Research raised Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Cantor Fitzgerald started coverage on Avidity Biosciences in a research report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 target price for the company. Finally, Leerink Partners assumed coverage on shares of Avidity Biosciences in a research note on Friday, May 15th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Hold” and a consensus target price of $63.85.

Avidity Biosciences Stock Up 4.1%

NASDAQ:RNA opened at $12.84 on Friday. The stock has a market cap of $219.69 million and a price-to-earnings ratio of -13.24. The company’s 50 day moving average price is $12.38 and its 200-day moving average price is $23.06. Avidity Biosciences has a 52 week low of $11.13 and a 52 week high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.24. The firm had revenue of $3.00 million during the quarter, compared to analysts’ expectations of $0.67 million. As a group, sell-side analysts anticipate that Avidity Biosciences will post -5.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. EFG International AG bought a new position in shares of Avidity Biosciences in the 4th quarter worth approximately $33,000. Los Angeles Capital Management LLC bought a new stake in Avidity Biosciences during the fourth quarter valued at approximately $34,000. Smartleaf Asset Management LLC increased its holdings in Avidity Biosciences by 426.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 397 shares during the last quarter. Osaic Holdings Inc. raised its position in Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,543 shares during the period. Finally, Comerica Bank raised its position in Avidity Biosciences by 75.9% in the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after acquiring an additional 576 shares during the period.

Avidity Biosciences Company Profile

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.