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

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

A number of other research analysts have also commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Wells Fargo & Company assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating for the company. Finally, Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a research report on Saturday, March 21st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Avidity Biosciences has an average rating of “Hold” and a consensus target price of $69.42.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $12.77 on Friday. The company’s fifty day simple moving average is $19.72 and its two-hundred day simple moving average is $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 earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The business had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. Research analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNA. Balyasny Asset Management L.P. purchased a new position in Avidity Biosciences in the fourth quarter worth $435,708,000. Pentwater Capital Management LP grew its position in Avidity Biosciences by 30,032.5% in the fourth quarter. Pentwater Capital Management LP now owns 6,026,500 shares of the biotechnology company’s stock worth $434,691,000 after acquiring an additional 6,006,500 shares in the last quarter. HBK Investments L P purchased a new stake in Avidity Biosciences during the fourth quarter valued at about $314,847,000. Vanguard Group Inc. boosted its position in Avidity Biosciences by 42.9% during the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock valued at $575,985,000 after buying an additional 3,971,457 shares during the period. Finally, Norges Bank purchased a new stake in Avidity Biosciences during the fourth quarter valued at about $219,736,000.

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.