Avidity Biosciences (NASDAQ:RNA) Upgraded to Hold at Wall Street Zen

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

Other equities research analysts have also issued reports about the company. Evercore set a $72.00 price target on Avidity Biosciences in a research note 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, Wells Fargo & Company began coverage on Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating for the company. One 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 given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $69.42.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA 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 firm has a fifty day moving average of $54.06 and a 200-day moving average of $58.39.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $0.86 million during the quarter, compared to analysts’ expectations of $1.98 million. As a group, analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 6,534 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $473,388.30. Following the transaction, the insider directly owned 85,093 shares of the company’s stock, valued at approximately $6,164,987.85. The trade was a 7.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Steven George Hughes sold 4,895 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $354,642.75. Following the completion of the transaction, the insider owned 31,599 shares of the company’s stock, valued at approximately $2,289,347.55. This represents a 13.41% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 58,407 shares of company stock worth $4,226,448. Insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada grew its holdings in Avidity Biosciences by 38.2% during the 1st quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock valued at $1,308,000 after purchasing an additional 12,241 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Avidity Biosciences by 22.7% in the 1st quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock worth $704,000 after buying an additional 4,410 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Avidity Biosciences by 2.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock valued at $23,164,000 after buying an additional 21,649 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Avidity Biosciences by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock valued at $10,560,000 after buying an additional 25,329 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Avidity Biosciences during the first quarter valued at about $180,000.

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.