Avidity Biosciences (NASDAQ:RNA) Given New $48.00 Price Target at Bank of America

Avidity Biosciences (NASDAQ:RNA) had its price target reduced by Bank of America from $51.00 to $48.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s price target suggests a potential upside of 59.25% from the stock’s current price.

A number of other brokerages also recently issued reports on RNA. HC Wainwright reissued a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Friday, January 10th. Scotiabank began coverage on shares of Avidity Biosciences in a research report on Friday. They set a “sector outperform” rating and a $70.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Barclays cut their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $65.91.

Avidity Biosciences Price Performance

Shares of RNA traded down $0.15 during mid-day trading on Monday, reaching $30.14. The stock had a trading volume of 351,367 shares, compared to its average volume of 1,315,695. Avidity Biosciences has a 52-week low of $20.80 and a 52-week high of $56.00. The firm has a market cap of $3.62 billion, a price-to-earnings ratio of -10.48 and a beta of 1.02. The business’s fifty day moving average is $30.86 and its 200 day moving average is $38.27.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. As a group, sell-side analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sarah Boyce sold 31,855 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the transaction, the chief executive officer now owns 265,308 shares in the company, valued at $8,664,959.28. The trade was a 10.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the transaction, the director now owns 12,958 shares of the company’s stock, valued at $370,598.80. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 129,138 shares of company stock worth $4,229,012. 3.68% of the stock is currently owned by company insiders.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PEAK6 Investments LLC increased its holdings in shares of Avidity Biosciences by 4.9% in the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 343 shares during the last quarter. Aaron Wealth Advisors LLC increased its stake in Avidity Biosciences by 6.6% in the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock valued at $236,000 after purchasing an additional 504 shares during the last quarter. Quantinno Capital Management LP raised its holdings in Avidity Biosciences by 8.0% during the fourth quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 518 shares in the last quarter. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $27,000. Finally, New York State Common Retirement Fund boosted its holdings in shares of Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock valued at $5,374,000 after buying an additional 598 shares in the last quarter.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.