Avidity Biosciences (NASDAQ:RNA) Coverage Initiated at HC Wainwright

Equities researchers at HC Wainwright began coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $25.00 price target on the biotechnology company’s stock. HC Wainwright’s target price would suggest a potential upside of 102.59% from the stock’s previous close.

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

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $12.34 on Thursday. The stock’s 50 day moving average price is $12.36 and its 200 day moving average price is $25.16. Avidity Biosciences has a 1-year low of $11.13 and a 1-year high of $16.77. The company has a market cap of $211.14 million and a PE ratio of -12.72.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.05) by $0.08. The business had revenue of $19.64 million during the quarter, compared to analysts’ expectations of $2.00 million. On average, equities research analysts anticipate that Avidity Biosciences will post -3.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

A number of large investors have recently bought and sold shares of the stock. EFG International AG purchased a new stake in shares of Avidity Biosciences in the fourth quarter valued at $33,000. Smartleaf Asset Management LLC raised its stake in Avidity Biosciences by 426.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 397 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Avidity Biosciences in the 4th quarter valued at about $34,000. Clearstead Advisors LLC purchased a new position in Avidity Biosciences in the 4th quarter valued at about $72,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth about $77,000.

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.