Avidity Biosciences (NASDAQ:RNA) Stock Price Target Cut by HC Wainwright

Avidity Biosciences (NASDAQ:RNA) had its price target reduced by stock analysts at HC Wainwright from $25.00 to $20.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright‘s target price points to a potential upside of 140.38% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. Weiss Ratings upgraded shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. Roth Capital assumed coverage on shares of Avidity Biosciences in a report on Thursday, October 22nd. They issued a “buy” rating and a $15.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.33.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $8.32 on Wednesday. The stock’s 50 day simple moving average is $10.07 and its 200 day simple moving average is $22.43. Avidity Biosciences has a twelve month low of $7.49 and a twelve month high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.24. The company had revenue of $3.00 million for the quarter, compared to the consensus estimate of $0.67 million. Analysts anticipate that Avidity Biosciences will post -4.45 earnings per share for the current fiscal year.

Institutional Trading of Avidity Biosciences

An institutional investor recently bought a new position in Avidity Biosciences stock. Hsbc Holdings PLC bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 32,729 shares of the biotechnology company’s stock, valued at approximately $2,360,000.

About Avidity Biosciences

Avidity Biosciences, Inc is a biotechnology company focused on developing RNA-based medicines for genetic diseases. The company’s approach is designed to address conditions that are difficult to treat with conventional oligonucleotide therapies, including diseases affecting skeletal muscle.

Avidity’s proprietary AOC (antibody oligonucleotide conjugate) platform combines monoclonal antibodies with oligonucleotide-based medicines. The antibody component is intended to help deliver the therapeutic payload to specific tissues, while the oligonucleotide component is designed to modify or regulate disease-related RNA.