Avidity Biosciences (NASDAQ:RNA) Given Neutral Rating at HC Wainwright
by Doug Wharley · The Cerbat GemHC Wainwright reissued their neutral rating on shares of Avidity Biosciences (NASDAQ:RNA – Free Report) in a research note published on Friday,Benzinga reports.
RNA has been the subject of several other reports. Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a research report on Saturday, March 21st. Wells Fargo & Company started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $69.42.
Check Out Our Latest Stock Analysis on RNA
Avidity Biosciences Stock Performance
NASDAQ RNA traded up $0.64 during trading hours on Friday, hitting $13.41. 169,380 shares of the company’s stock traded hands, compared to its average volume of 729,852. The business’s fifty day moving average price is $19.72 and its two-hundred day moving average price is $52.09. Avidity Biosciences has a 52 week low of $11.95 and a 52 week high of $16.77.
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last announced its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.24) by ($0.35). The business had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. On average, research analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current year.
Hedge Funds Weigh In On Avidity Biosciences
Hedge funds have recently modified their holdings of the company. Balyasny Asset Management L.P. bought a new position in shares of Avidity Biosciences during the fourth quarter worth $435,708,000. Pentwater Capital Management LP boosted its position 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 acquiring an additional 6,006,500 shares during the last quarter. HBK Investments L P bought a new position in shares of Avidity Biosciences during the fourth quarter worth $314,847,000. Vanguard Group Inc. boosted its position in shares of Avidity Biosciences by 42.9% during the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock worth $575,985,000 after acquiring an additional 3,971,457 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Avidity Biosciences during the fourth quarter worth $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.