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

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report released on Friday,Benzinga reports. They presently have a $25.00 price objective on the biotechnology company’s stock. HC Wainwright’s target price would indicate a potential upside of 95.31% from the stock’s previous close.

RNA has been the topic of a number of other research reports. Zacks Research upgraded shares of Avidity Biosciences to a “hold” rating in a research note on Friday, June 19th. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Cantor Fitzgerald initiated coverage on Avidity Biosciences in a report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 price objective for the company. Weiss Ratings upgraded Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. Finally, Leerink Partners started coverage on Avidity Biosciences in a report on Friday, May 15th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $63.85.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded up $0.47 during midday trading on Friday, reaching $12.80. The company had a trading volume of 84,307 shares, compared to its average volume of 394,741. The stock has a market capitalization of $219.01 million and a P/E ratio of -13.20. The stock’s fifty day moving average price is $12.36 and its 200-day moving average price is $23.13. Avidity Biosciences has a one year low of $11.13 and a one year high of $16.77.

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

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently made changes to their positions in RNA. Hsbc Holdings PLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $2,360,000. Corient Private Wealth LLC acquired a new position in Avidity Biosciences during the 4th quarter valued at approximately $689,000. Virtu Financial LLC bought a new position in Avidity Biosciences during the 4th quarter worth $1,556,000. Alberta Investment Management Corp bought a new position in Avidity Biosciences during the 4th quarter worth $1,803,000. Finally, Mackenzie Financial Corp increased its position in Avidity Biosciences by 14.9% in the fourth quarter. Mackenzie Financial Corp now owns 7,255 shares of the biotechnology company’s stock worth $522,000 after buying an additional 941 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.