Avidity Biosciences (NASDAQ:RNA) Now Covered by HC Wainwright

Key Points

• HC Wainwright initiated coverage of Avidity Biosciences with a “Buy” rating and a $25 price target, implying approximately 113% upside from the prior close.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating, although the consensus price target is $64.47. Recent firms have issued ratings ranging from “Sell” and “Hold” to “Outperform” and “Overweight.”
• Avidity shares opened at $11.74, near their 52-week low of $11.13, while the clinical-stage biotech continues developing antibody-oligonucleotide conjugate therapies, including lead candidate AOC 1001 for myotonic dystrophy type 1.

Stock analysts at HC Wainwright started coverage on shares of Avidity Biosciences (NASDAQ:RNA - Get Free Report) in a research report issued to clients and investors on Thursday,Benzinga reports. The firm set a "buy" rating and a $25.00 price target on the biotechnology company's stock. HC Wainwright's price target would suggest a potential upside of 112.95% from the company's previous close.

Other analysts have also recently issued research reports about the stock. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research note on Thursday, June 18th. They set an "overweight" rating and a $25.00 target price for the company. Weiss Ratings upgraded Avidity Biosciences from a "sell (e-)" rating to a "sell (e)" rating in a report on Monday. Zacks Research upgraded Avidity Biosciences to a "hold" rating in a report on Friday, June 19th. Wall Street Zen raised Avidity Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, May 30th. Finally, Leerink Partners initiated coverage on Avidity Biosciences in a research report on Friday, May 15th. They issued an "outperform" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $64.47.

Avidity Biosciences Stock Performance

Shares of RNA opened at $11.74 on Thursday. The business's 50-day moving average is $12.40 and its two-hundred day moving average is $25.68. The company has a market capitalization of $200.82 million, a P/E ratio of -2.36 and a beta of 0.93. Avidity Biosciences has a fifty-two week low of $11.13 and a fifty-two week high of $16.77.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) EPS for the quarter, topping the consensus estimate of ($1.05) by $0.08. The business had revenue of $19.64 million for the quarter, compared to analyst estimates of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. Analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Avidity Biosciences by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company's stock worth $984,520,000 after purchasing an additional 429,491 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Avidity Biosciences by 8.8% during the third quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company's stock worth $438,540,000 after purchasing an additional 815,497 shares in the last quarter. RA Capital Management L.P. increased its holdings in shares of Avidity Biosciences by 18.9% in the 3rd quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company's stock valued at $376,490,000 after acquiring an additional 1,375,000 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth about $435,708,000. Finally, Pentwater Capital Management LP raised its stake in shares of Avidity Biosciences by 30,032.5% during the fourth quarter. Pentwater Capital Management LP now owns 6,026,500 shares of the biotechnology company's stock worth $434,691,000 after purchasing an additional 6,006,500 shares during the last quarter.

About Avidity Biosciences

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.

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