Avidity Biosciences (NASDAQ:RNA) Stock Price Target Lowered at HC Wainwright

Avidity Biosciences (NASDAQ:RNA) had its target price lowered by equities research analysts at HC Wainwright from $25.00 to $20.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright‘s price objective indicates a potential upside of 140.38% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on RNA. Roth Capital initiated coverage on shares of Avidity Biosciences in a report on Thursday, October 22nd. They issued a “buy” rating and a $15.00 price target on the stock. Weiss Ratings raised shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $46.33.

Avidity Biosciences Price Performance

Shares of RNA opened at $8.32 on Wednesday. The stock’s 50-day simple moving average is $10.07 and its 200 day simple moving average is $22.43. Avidity Biosciences has a 52-week low of $7.49 and a 52-week high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.24. The company had revenue of $3.00 million during the quarter, compared to the consensus estimate of $0.67 million. Sell-side analysts anticipate that Avidity Biosciences will post -4.45 earnings per share for the current year.

Hedge Funds Weigh In On Avidity Biosciences

An institutional investor recently bought a new position in Avidity Biosciences stock. Hsbc Holdings PLC purchased a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 32,729 shares of the biotechnology company’s stock, valued at approximately $2,360,000.

Avidity Biosciences Company Profile

Avidity Biosciences, Inc is a biotechnology company focused on developing RNA-based medicines for genetic diseases. The company’s approach is designed to address conditions that are difficult to treat with conventional oligonucleotide therapies, including diseases affecting skeletal muscle.

Avidity’s proprietary AOC (antibody oligonucleotide conjugate) platform combines monoclonal antibodies with oligonucleotide-based medicines. The antibody component is intended to help deliver the therapeutic payload to specific tissues, while the oligonucleotide component is designed to modify or regulate disease-related RNA.