Barclays Has Lowered Expectations for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its price objective cut by stock analysts at Barclays from $63.00 to $57.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the biotechnology company’s stock. Barclays‘s price target would indicate a potential upside of 86.03% from the stock’s previous close.

RNA has been the topic of a number of other reports. HC Wainwright reaffirmed a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Friday, January 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Chardan Capital reissued a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Friday. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $65.20.

Avidity Biosciences Stock Up 5.4 %

RNA traded up $1.56 during trading on Friday, hitting $30.64. The company’s stock had a trading volume of 2,024,091 shares, compared to its average volume of 1,348,124. The business’s 50 day simple moving average is $31.03 and its 200-day simple moving average is $38.98. The firm has a market cap of $3.66 billion, a PE ratio of -10.64 and a beta of 1.00. Avidity Biosciences has a one year low of $16.30 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate 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 company had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. Equities research analysts expect that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 24,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00. Following the sale, the insider now owns 85,389 shares of the company’s stock, valued at $3,054,364.53. The trade was a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $33.26, for a total value of $831,500.00. Following the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $3,127,038.68. This represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 129,138 shares of company stock valued at $4,229,012. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RNA. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at $4,722,000. GF Fund Management CO. LTD. bought a new stake in Avidity Biosciences during the 4th quarter worth about $73,000. Neo Ivy Capital Management lifted its holdings in Avidity Biosciences by 479.2% in the fourth quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company’s stock valued at $2,795,000 after buying an additional 79,524 shares during the period. Castleark Management LLC boosted its position in shares of Avidity Biosciences by 23.7% in the 4th quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company’s stock worth $2,054,000 after purchasing an additional 13,510 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its holdings in Avidity Biosciences by 235.7% during the fourth quarter. Voloridge Investment Management LLC now owns 191,550 shares of the biotechnology company’s stock worth $5,570,000 after buying an additional 134,489 shares during the last quarter.

Avidity Biosciences Company Profile

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.