BMO Capital Markets Initiates Coverage on Avidity Biosciences (NASDAQ:RNA)

BMO Capital Markets started coverage on shares of Avidity Biosciences (NASDAQ:RNA - Get Free Report) in a note issued to investors on Wednesday, MarketBeat reports. The firm set an "outperform" rating and a $72.00 price target on the biotechnology company's stock. BMO Capital Markets' price target would indicate a potential upside of 131.44% from the company's current price.

RNA has been the topic of a number of other research reports. Chardan Capital restated a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Friday, February 28th. Scotiabank initiated coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Bank of America dropped their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Finally, Barclays dropped their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $66.69.

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Avidity Biosciences Stock Performance

Shares of RNA traded down $1.02 during mid-day trading on Wednesday, reaching $31.11. 1,408,970 shares of the company's stock traded hands, compared to its average volume of 1,314,504. The business's 50-day moving average price is $30.99 and its 200-day moving average price is $37.83. The stock has a market capitalization of $3.74 billion, a P/E ratio of -10.80 and a beta of 1.02. Avidity Biosciences has a 12 month low of $21.56 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities research analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling

In other Avidity Biosciences news, insider W. Michael Flanagan sold 12,742 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $416,153.72. Following the sale, the insider now owns 72,647 shares of the company's stock, valued at $2,372,651.02. This represents a 14.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $33.26, for a total transaction of $831,500.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $3,127,038.68. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,138 shares of company stock worth $3,370,532 in the last quarter. 3.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Avidity Biosciences in the 4th quarter valued at about $4,722,000. GF Fund Management CO. LTD. bought a new position in shares of Avidity Biosciences in the 4th quarter valued at about $73,000. Neo Ivy Capital Management boosted its stake in shares of Avidity Biosciences by 479.2% in the 4th quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company's stock valued at $2,795,000 after purchasing an additional 79,524 shares during the last quarter. Castleark Management LLC boosted its stake in shares of Avidity Biosciences by 23.7% in the 4th quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company's stock valued at $2,054,000 after purchasing an additional 13,510 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its stake in shares of Avidity Biosciences by 235.7% in the 4th quarter. Voloridge Investment Management LLC now owns 191,550 shares of the biotechnology company's stock valued at $5,570,000 after purchasing an additional 134,489 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.