Avidity Biosciences’ (RNA) Neutral Rating Reiterated at HC Wainwright

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “neutral” rating restated by equities research analysts at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports.

A number of other analysts also recently weighed in on the company. Wells Fargo & Company began coverage on Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Avidity Biosciences to a “hold” rating in a research report on Saturday, March 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $69.42.

Avidity Biosciences Trading Down 1.7%

Shares of Avidity Biosciences stock opened at $12.77 on Friday. The business has a 50-day moving average price of $19.72 and a two-hundred day moving average price of $52.09. Avidity Biosciences has a 1-year low of $11.95 and a 1-year high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The business had revenue of $0.86 million for the quarter, compared to analyst estimates of $1.98 million. On average, sell-side analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current year.

Institutional Trading of Avidity Biosciences

Large investors have recently bought and sold shares of the company. AlphaQuest LLC increased its position in Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after buying an additional 331 shares during the last quarter. CWM LLC increased its position in Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after buying an additional 605 shares during the last quarter. EFG International AG purchased a new stake in Avidity Biosciences in the fourth quarter worth $33,000. Los Angeles Capital Management LLC purchased a new stake in Avidity Biosciences in the fourth quarter worth $34,000. Finally, Smartleaf Asset Management LLC increased its position in 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 buying an additional 397 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.