Avidity Biosciences (NASDAQ:RNA) Stock Price Expected to Rise, Barclays Analyst Says

Avidity Biosciences (NASDAQ:RNA) had its price objective upped by investment analysts at Barclays from $57.00 to $59.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the biotechnology company’s stock. Barclays‘s target price would indicate a potential upside of 80.65% from the stock’s current price.

A number of other equities research analysts also recently weighed in on RNA. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective for the company. JPMorgan Chase & Co. upped their target price on Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a report on Tuesday. Citigroup assumed coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Finally, HC Wainwright dropped their target price on Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Fourteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and an average price target of $67.50.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $32.66 on Tuesday. The firm has a fifty day moving average of $29.49 and a two-hundred day moving average of $31.33. The firm has a market cap of $3.94 billion, a P/E ratio of -11.34 and a beta of 0.95. Avidity Biosciences has a 1-year low of $21.51 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). The firm had revenue of $1.60 million during 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, sell-side analysts expect that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Activity at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the sale, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,406,917.82. The trade was a 10.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sarah Boyce sold 31,540 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the sale, the chief executive officer now directly owns 305,871 shares in the company, valued at $9,500,353.26. This trade represents a 9.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,678 shares of company stock worth $2,068,257 in the last 90 days. Corporate insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently made changes to their positions in the company. abrdn plc grew its position in Avidity Biosciences by 80.8% during the 4th quarter. abrdn plc now owns 44,912 shares of the biotechnology company’s stock worth $1,306,000 after purchasing an additional 20,076 shares in the last quarter. Legato Capital Management LLC purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at $301,000. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at $38,000. Rhumbline Advisers raised its position in Avidity Biosciences by 3.2% during the fourth quarter. Rhumbline Advisers now owns 153,803 shares of the biotechnology company’s stock valued at $4,473,000 after buying an additional 4,795 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its position in Avidity Biosciences by 8.1% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 48,536 shares of the biotechnology company’s stock valued at $1,411,000 after buying an additional 3,638 shares during the period.

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.