Cantor Fitzgerald Reiterates “Overweight” Rating for Avidity Biosciences (NASDAQ:RNA)

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “overweight” rating reissued by analysts at Cantor Fitzgerald in a research report issued on Monday, Benzinga reports. They presently have a $96.00 price objective on the biotechnology company’s stock. Cantor Fitzgerald’s target price points to a potential upside of 135.35% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Chardan Capital raised their price target on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Evercore ISI lowered their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Tuesday, August 13th. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective for the company. Finally, Bank of America increased their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and a consensus target price of $61.00.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $40.79 on Monday. The firm has a market cap of $4.48 billion, a P/E ratio of -13.83 and a beta of 0.89. The firm has a fifty day moving average of $43.45 and a two-hundred day moving average of $32.88. Avidity Biosciences has a 1-year low of $4.82 and a 1-year high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The firm had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. On average, sell-side analysts expect that Avidity Biosciences will post -2.96 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In related news, CEO Sarah Boyce sold 164,233 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $40.08, for a total value of $6,582,458.64. Following the completion of the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at $4,493,649.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sarah Boyce sold 164,233 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.08, for a total transaction of $6,582,458.64. Following the transaction, the chief executive officer now owns 112,117 shares in the company, valued at $4,493,649.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $45.01, for a total value of $225,050.00. Following the sale, the director now directly owns 14,830 shares in the company, valued at approximately $667,498.30. The disclosure for this sale can be found here. Insiders have sold 235,233 shares of company stock valued at $9,553,249 in the last quarter. Corporate insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its stake in Avidity Biosciences by 7.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock valued at $189,592,000 after purchasing an additional 516,446 shares during the last quarter. Avoro Capital Advisors LLC increased its holdings in shares of Avidity Biosciences by 11.7% in the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after buying an additional 680,000 shares in the last quarter. RA Capital Management L.P. lifted its position in shares of Avidity Biosciences by 33.7% during the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock valued at $83,761,000 after acquiring an additional 827,647 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Avidity Biosciences by 4,661.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after acquiring an additional 1,216,730 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its holdings in shares of Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after acquiring an additional 707,773 shares during 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.