Avidity Biosciences (NASDAQ:RNA) Price Target Raised to $75.00

Avidity Biosciences (NASDAQ:RNA) had its target price raised by Citigroup from $70.00 to $75.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other research analysts also recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, April 9th. Bank of America raised their price objective on Avidity Biosciences from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Monday. Scotiabank started coverage on Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective on the stock. Chardan Capital raised their price objective on Avidity Biosciences from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Monday. Finally, Barclays increased their target price on Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Avidity Biosciences currently has an average rating of “Buy” and an average target price of $67.33.

Avidity Biosciences Stock Up 0.4%

RNA opened at $32.14 on Tuesday. The stock’s fifty day moving average is $29.84 and its two-hundred day moving average is $31.26. The company has a market capitalization of $3.87 billion, a P/E ratio of -11.16 and a beta of 0.95. Avidity Biosciences has a 52 week low of $21.51 and a 52 week high of $56.00.

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

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider W. Michael Flanagan sold 20,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total transaction of $657,600.00. Following the completion of the sale, the insider now owns 80,195 shares of the company’s stock, valued at approximately $2,636,811.60. The trade was a 19.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction dated 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 of the company’s stock, valued at approximately $9,500,353.26. This represents a 9.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,678 shares of company stock valued at $2,725,857 in the last quarter. 3.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. lifted its holdings in shares of Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 866 shares during the period. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at about $38,000. Parallel Advisors LLC increased its stake in shares of Avidity Biosciences by 43.3% in 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 in the last quarter. Headlands Technologies LLC purchased a new stake in Avidity Biosciences during the 4th quarter worth approximately $60,000. Finally, GF Fund Management CO. LTD. purchased a new stake in Avidity Biosciences during the 4th quarter worth approximately $73,000.

About Avidity Biosciences

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.