Avidity Biosciences (NASDAQ:RNA) PT Raised to $45.00

Avidity Biosciences (NASDAQ:RNA) had its price target raised by Evercore ISI from $40.00 to $45.00 in a report released on Wednesday, Marketbeat reports. Evercore ISI currently has an outperform rating on the biotechnology company’s stock.

A number of other brokerages have also recently commented on RNA. Cantor Fitzgerald initiated coverage on Avidity Biosciences in a research note on Thursday, March 14th. They issued an overweight rating and a $60.00 price target on the stock. Chardan Capital reaffirmed a buy rating and issued a $33.00 price target on shares of Avidity Biosciences in a research note on Friday, May 10th. Needham & Company LLC reaffirmed a buy rating and issued a $35.00 price target on shares of Avidity Biosciences in a research note on Monday, June 10th. Finally, Bank of America initiated coverage on Avidity Biosciences in a research note on Friday, May 3rd. They issued a buy rating and a $40.00 price target on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of Buy and an average target price of $44.29.

Avidity Biosciences Trading Down 0.8 %

Shares of NASDAQ RNA opened at $39.64 on Wednesday. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of -13.44 and a beta of 0.81. Avidity Biosciences has a 1-year low of $4.82 and a 1-year high of $42.00. The stock’s 50-day moving average is $27.05 and its 200 day moving average is $18.81.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.02. The company had revenue of $3.54 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. On average, analysts forecast that Avidity Biosciences will post -3.1 EPS for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $22.82, for a total value of $114,100.00. Following the sale, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Sarah Boyce sold 164,233 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $40.08, for a total value of $6,582,458.64. Following the sale, the chief executive officer now directly owns 112,117 shares in the company, valued at approximately $4,493,649.36. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $22.82, for a total value of $114,100.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at $338,420.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 469,478 shares of company stock worth $16,118,570. 3.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC boosted its position in shares of Avidity Biosciences by 15,900.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 3,180 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. Privium Fund Management B.V. bought a new stake in shares of Avidity Biosciences during the first quarter valued at approximately $205,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Avidity Biosciences by 352.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after purchasing an additional 6,675 shares in the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Avidity Biosciences during the first quarter valued at approximately $221,000.

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.