Avidity Biosciences (NASDAQ:RNA) Earns Overweight Rating from Cantor Fitzgerald

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “overweight” rating reiterated by equities researchers at Cantor Fitzgerald in a report released on Monday, Benzinga reports. They presently have a $96.00 price target on the biotechnology company’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 132.28% from the company’s current price.

Several other analysts have also commented on the stock. Evercore ISI lowered their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Chardan Capital upped their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Bank of America increased their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Barclays initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $61.00.

Avidity Biosciences Trading Down 0.9 %

Shares of RNA stock traded down $0.38 on Monday, hitting $41.33. 390,976 shares of the stock were exchanged, compared to its average volume of 1,306,362. The business has a 50-day moving average of $43.65 and a 200 day moving average of $33.43. Avidity Biosciences has a fifty-two week low of $4.82 and a fifty-two week high of $48.80. The firm has a market capitalization of $3.95 billion, a P/E ratio of -14.02 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) 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 company had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. As a group, research analysts forecast that Avidity Biosciences will post -3.01 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total value of $1,118,040.00. Following the transaction, the chief executive officer now owns 205,043 shares in the company, valued at $8,187,366.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the transaction, the chief executive officer now owns 205,043 shares in the company, valued at approximately $8,187,366.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $37.59, for a total transaction of $187,950.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $557,459.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 71,000 shares of company stock valued at $2,970,790. 3.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently bought and sold shares of the business. Quadrant Capital Group LLC increased its position in shares of Avidity Biosciences by 456.9% during the 4th 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 during the last quarter. Quarry LP raised its position in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares during the period. nVerses Capital LLC grew its stake in shares of Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after buying an additional 700 shares in the last quarter. Amalgamated Bank increased its holdings in Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 982 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Avidity Biosciences by 32.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after acquiring an additional 1,076 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.