Avidity Biosciences (NASDAQ:RNA) Raised to “Hold” at Wall Street Zen

Avidity Biosciences (NASDAQ:RNA) was upgraded by analysts at Wall Street Zen to a “hold” rating in a research note issued on Saturday.

Several other research firms have also recently issued reports on RNA. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Wells Fargo & Company began coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating for the company. Finally, Evercore set a $72.00 target price on shares of Avidity Biosciences in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $69.42.

Avidity Biosciences Stock Performance

RNA stock opened at $13.13 on Friday. Avidity Biosciences has a 52-week low of $11.95 and a 52-week high of $16.77. The stock’s 50 day moving average is $54.06 and its two-hundred day moving average is $58.39.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) EPS for the quarter, missing the consensus estimate 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 analysts’ expectations 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 Buying and Selling

In other news, insider Steven George Hughes sold 4,895 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $354,642.75. Following the completion of the transaction, the insider directly owned 31,599 shares of the company’s stock, valued at approximately $2,289,347.55. The trade was a 13.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael F. Maclean sold 4,542 shares of the business’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 $329,067.90. Following the sale, the chief financial officer directly owned 59,290 shares of the company’s stock, valued at approximately $4,295,560.50. This represents a 7.12% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 58,407 shares of company stock worth $4,226,448. Company insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently made changes to their positions in RNA. Allworth Financial LP boosted its position in Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 159 shares during the period. Fort Point Capital Partners LLC grew its stake in Avidity Biosciences by 0.6% during the 3rd quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock worth $1,363,000 after buying an additional 183 shares during the last quarter. GF Fund Management CO. LTD. increased its position in Avidity Biosciences by 7.0% in the fourth quarter. GF Fund Management CO. LTD. now owns 2,961 shares of the biotechnology company’s stock worth $214,000 after buying an additional 193 shares during the period. GAMMA Investing LLC increased its position in Avidity Biosciences by 10.5% in the fourth quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock worth $178,000 after buying an additional 234 shares during the period. Finally, AlphaQuest LLC lifted its stake in Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 331 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.