Avidity Biosciences' (RNA) Buy Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reaffirmed its Buy rating on Avidity Biosciences and maintained a $25 price target, implying approximately 95% upside from the stock’s prior close.
• Avidity shares recently traded at $12.80, with the stock carrying an overall Hold consensus rating and an average analyst price target of $63.85, according to MarketBeat.
• The clinical-stage biotech exceeded quarterly expectations, reporting an adjusted loss of $1.18 per share versus the $1.42 estimate and revenue of $3.0 million versus $0.67 million expected.

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "buy" rating reissued by analysts at HC Wainwright in a research note issued on Friday,Benzinga reports. They presently have a $25.00 target price on the biotechnology company's stock. HC Wainwright's price target would indicate a potential upside of 95.31% from the stock's previous close.

A number of other brokerages also recently commented on RNA. Leerink Partners started coverage on shares of Avidity Biosciences in a research note on Friday, May 15th. They issued an "outperform" rating on the stock. Cantor Fitzgerald started coverage on Avidity Biosciences in a report on Thursday, June 18th. They issued an "overweight" rating and a $25.00 price target for the company. Weiss Ratings upgraded Avidity Biosciences from a "sell (e-)" rating to a "sell (e)" rating in a report on Monday, August 3rd. Wall Street Zen raised Avidity Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, May 30th. Finally, Zacks Research upgraded Avidity Biosciences to a "hold" rating in a research note on Friday, June 19th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $63.85.

Avidity Biosciences Stock Performance

RNA traded up $0.47 on Friday, reaching $12.80. 84,307 shares of the company's stock were exchanged, compared to its average volume of 394,741. The company's 50 day moving average is $12.36 and its 200-day moving average is $23.13. The company has a market cap of $219.01 million and a price-to-earnings ratio of -13.20. Avidity Biosciences has a twelve month low of $11.13 and a twelve month high of $16.77.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share for the quarter, beating analysts' consensus estimates of ($1.42) by $0.24. The business had revenue of $3.00 million for the quarter, compared to analyst estimates of $0.67 million. Sell-side analysts forecast that Avidity Biosciences will post -5.74 EPS for the current year.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. grew its stake in shares of Avidity Biosciences by 7.0% during the fourth quarter. GF Fund Management CO. LTD. now owns 2,961 shares of the biotechnology company's stock valued at $214,000 after acquiring an additional 193 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Avidity Biosciences by 426.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company's stock worth $35,000 after acquiring an additional 397 shares in the last quarter. EFG International AG acquired a new position in shares of Avidity Biosciences in the fourth quarter worth about $33,000. California State Teachers Retirement System boosted its holdings in Avidity Biosciences by 0.5% in the second quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company's stock valued at $2,563,000 after purchasing an additional 466 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Avidity Biosciences in the fourth quarter valued at about $34,000.

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.

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