Avidity Biosciences (RNA) – Investment Analysts’ Recent Ratings Changes

Several analysts have recently updated their ratings and price targets for Avidity Biosciences (NASDAQ: RNA):

• 6/13/2024 – Avidity Biosciences had its price target raised by analysts at Bank of America Co. from $40.00 to $45.00. They now have a “buy” rating on the stock.
• 6/12/2024 – Avidity Biosciences had its price target raised by analysts at Evercore ISI from $40.00 to $45.00. They now have an “outperform” rating on the stock.
• 6/12/2024 – Avidity Biosciences had its price target raised by analysts at Chardan Capital from $33.00 to $45.00. They now have a “buy” rating on the stock.
• 6/10/2024 – Avidity Biosciences had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $35.00 price target on the stock.
• 5/10/2024 – Avidity Biosciences had its “buy” rating reaffirmed by analysts at Chardan Capital. They now have a $33.00 price target on the stock.
• 5/10/2024 – Avidity Biosciences had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $35.00 price target on the stock.
• 5/3/2024 – Avidity Biosciences is now covered by analysts at Bank of America Co.. They set a “buy” rating and a $40.00 price target on the stock.

Avidity Biosciences Stock Performance

Shares of RNA stock traded up $0.82 on Thursday, reaching $40.73. The stock had a trading volume of 1,114,756 shares, compared to its average volume of 1,287,521. The stock has a market cap of $3.90 billion, a P/E ratio of -13.81 and a beta of 0.81. The company has a 50 day simple moving average of $29.33 and a 200 day simple moving average of $20.54. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $42.00.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.02. The company had revenue of $3.54 million for the quarter, compared to the consensus estimate 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, equities research analysts anticipate that Avidity Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 164,233 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.08, for a total transaction of $6,582,458.64. Following the sale, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at $4,493,649.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Avidity Biosciences news, CFO Michael F. Maclean sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $28.28, for a total transaction of $2,121,000.00. Following the sale, the chief financial officer now directly owns 44,093 shares of the company’s stock, valued at $1,246,950.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sarah Boyce sold 164,233 shares of the firm’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 sale, the chief executive officer now directly owns 112,117 shares in the company, valued at $4,493,649.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 474,478 shares of company stock worth $16,306,520. Corporate insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Avidity Biosciences in the first quarter worth about $533,000. Farallon Capital Management LLC bought a new stake in shares of Avidity Biosciences in the first quarter worth about $15,467,000. RA Capital Management L.P. increased its holdings in shares of Avidity Biosciences by 33.7% in the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after purchasing an additional 827,647 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Avidity Biosciences by 10.2% in the first quarter. California State Teachers Retirement System now owns 71,574 shares of the biotechnology company’s stock worth $1,827,000 after purchasing an additional 6,618 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Avidity Biosciences by 4,661.3% during the first 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 during the last quarter.

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.