Avidity Biosciences (NASDAQ:RNA) Given New $68.00 Price Target at HC Wainwright

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its price target reduced by analysts at HC Wainwright from $72.00 to $68.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock. HC Wainwright's price objective would suggest a potential upside of 143.99% from the company's current price.

Other research analysts also recently issued research reports about the company. Citigroup started coverage on Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 target price on the stock. BMO Capital Markets initiated coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target on the stock. Bank of America cut their target price on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Barclays lowered their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Finally, Scotiabank started coverage on Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price target on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and an average price target of $66.38.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $27.87 on Monday. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of -9.68 and a beta of 1.00. Avidity Biosciences has a 52-week low of $21.51 and a 52-week high of $56.00. The stock has a fifty day moving average of $29.28 and a 200 day moving average of $33.32.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. Equities analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the sale, the insider now directly owns 50,554 shares of the company's stock, valued at $1,406,917.82. The trade was a 10.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the transaction, the insider now owns 72,850 shares in the company, valued at approximately $2,262,721. This represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,803 shares of company stock valued at $1,877,437. 3.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock valued at $321,127,000 after purchasing an additional 408,861 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after buying an additional 205,027 shares during the period. Wellington Management Group LLP lifted its stake in shares of Avidity Biosciences by 15.3% during the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock valued at $235,725,000 after buying an additional 1,075,148 shares during the period. Avoro Capital Advisors LLC lifted its stake in shares of Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock valued at $218,100,000 after buying an additional 625,000 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of Avidity Biosciences by 44.1% during the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after buying an additional 2,156,844 shares during the period.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.

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