Avidity Biosciences (NASDAQ:RNA) Research Coverage Started at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report released on Wednesday, MarketBeat Ratings reports. The firm issued an overweight rating and a $25.00 price target on the biotechnology company’s stock.

RNA has been the topic of a number of other research reports. Chardan Capital reissued a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Evercore set a $72.00 target price on Avidity Biosciences in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Finally, TD Cowen reiterated a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $66.79.

Avidity Biosciences Trading Down 5.4%

Avidity Biosciences stock opened at $13.75 on Wednesday. Avidity Biosciences has a 12-month low of $13.57 and a 12-month high of $16.77. The firm’s fifty day moving average is $59.97 and its 200 day moving average is $59.58.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) EPS 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 company had revenue of $0.86 million during the quarter, compared to analyst estimates of $1.98 million. As a group, equities research analysts predict that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Activity

In related news, CFO Michael F. Maclean sold 4,542 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $329,067.90. Following the transaction, the chief financial officer owned 59,290 shares of the company’s stock, valued at approximately $4,295,560.50. This trade represents a 7.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven George Hughes sold 4,895 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $354,642.75. Following the completion of the transaction, the insider directly owned 31,599 shares in the company, valued at approximately $2,289,347.55. The trade was a 13.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 58,407 shares of company stock valued at $4,226,448. 3.83% of the stock is currently owned by insiders.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its stake in Avidity Biosciences by 55.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock valued at $39,194,000 after acquiring an additional 319,282 shares in the last quarter. Candriam S.C.A. boosted its holdings in Avidity Biosciences by 10.2% during the 3rd quarter. Candriam S.C.A. now owns 487,917 shares of the biotechnology company’s stock worth $21,259,000 after acquiring an additional 45,144 shares during the last quarter. Atle Fund Management AB bought a new stake in shares of Avidity Biosciences in the 3rd quarter worth $2,265,000. New York State Common Retirement Fund raised its holdings in shares of Avidity Biosciences by 44.2% in the third quarter. New York State Common Retirement Fund now owns 392,644 shares of the biotechnology company’s stock valued at $17,107,000 after purchasing an additional 120,365 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Avidity Biosciences by 157.0% in the third quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock valued at $2,001,000 after purchasing an additional 28,055 shares during the last quarter.

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.