Avidity Biosciences (NASDAQ:RNA) Stock Gets Price Target Cut from HC Wainwright

Avidity Biosciences (NASDAQ:RNA) had its target price decreased by HC Wainwright from $25.00 to $20.00 in a research note released on Wednesday morning,Benzinga reports. HC Wainwright currently has a buy rating on the biotechnology company’s stock.

A number of other research firms have also recently issued reports on RNA. Roth Capital initiated coverage on Avidity Biosciences in a research report on Thursday, October 22nd. They issued a “buy” rating and a $15.00 price objective for the company. Weiss Ratings raised Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd. One 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.80.

Avidity Biosciences Trading Up 0.1%

NASDAQ:RNA opened at $8.27 on Wednesday. Avidity Biosciences has a 1-year low of $7.49 and a 1-year high of $16.77. The firm has a fifty day simple moving average of $9.77 and a 200 day simple moving average of $21.47. The stock has a market capitalization of $141.50 million and a PE ratio of -3.85.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.24. The firm had revenue of $3.00 million for the quarter, compared to analyst estimates of $0.67 million. On average, equities analysts predict that Avidity Biosciences will post -4.45 earnings per share for the current fiscal year.

Institutional Trading of Avidity Biosciences

An institutional investor recently bought a new stake in Avidity Biosciences stock. Hsbc Holdings PLC purchased a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the 4th quarter, according to its most recent disclosure with the SEC. The fund 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.