Bank of America Issues Positive Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its target price increased by investment analysts at Bank of America from $48.00 to $54.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s target price indicates a potential upside of 62.40% from the company’s previous close.

RNA has been the subject of several other reports. Scotiabank began coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective for the company. BMO Capital Markets began coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price for the company. HC Wainwright cut their target price on Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Chardan Capital upped their target price on Avidity Biosciences from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Barclays cut their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus price target of $67.62.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded down $2.99 during midday trading on Monday, hitting $33.25. 2,814,541 shares of the company’s stock were exchanged, compared to its average volume of 1,455,812. The stock’s 50 day moving average price is $29.43 and its 200-day moving average price is $31.40. The firm has a market cap of $4.01 billion, a P/E ratio of -11.61 and a beta of 0.95. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The business had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, analysts expect that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $246,461.10. Following the sale, the chief financial officer now directly owns 96,720 shares of the company’s stock, valued at $3,004,123.20. The trade was a 7.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $32.48, for a total transaction of $190,820.00. Following the sale, the insider now directly owns 50,554 shares in the company, valued at approximately $1,641,993.92. This trade represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,678 shares of company stock valued at $2,068,257. Corporate insiders own 3.83% of the company’s stock.

Institutional Trading of Avidity Biosciences

Large investors have recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. raised its stake in Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares during the period. Van ECK Associates Corp acquired a new stake in Avidity Biosciences during the 4th quarter valued at $38,000. Parallel Advisors LLC raised its stake in Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock valued at $50,000 after purchasing an additional 515 shares during the period. Headlands Technologies LLC acquired a new stake in Avidity Biosciences during the 4th quarter valued at $60,000. Finally, GF Fund Management CO. LTD. acquired a new stake in Avidity Biosciences during the 4th quarter valued at $73,000.

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.