Bank of America Lowers Avidity Biosciences (NASDAQ:RNA) Price Target to $48.00

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its price objective cut by stock analysts at Bank of America from $51.00 to $48.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. Bank of America's price target points to a potential upside of 54.29% from the company's previous close.

Other equities analysts have also issued reports about the stock. Chardan Capital reissued a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Friday, February 28th. Barclays decreased their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. HC Wainwright restated a "buy" rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Needham & Company LLC restated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Scotiabank began coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $66.69.

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Avidity Biosciences Stock Down 3.2 %

Shares of RNA stock traded down $1.02 during trading on Monday, reaching $31.11. The company's stock had a trading volume of 1,408,970 shares, compared to its average volume of 1,316,095. The business has a fifty day moving average price of $30.99 and a 200-day moving average price of $37.91. The company has a market cap of $3.74 billion, a price-to-earnings ratio of -10.80 and a beta of 1.02. Avidity Biosciences has a one year low of $21.56 and a one year high of $56.00.

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

Insider Activity at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction on Monday, December 16th. The shares were sold at an average price of $33.26, for a total value of $831,500.00. Following the completion of the sale, the insider now owns 94,018 shares of the company's stock, valued at approximately $3,127,038.68. This trade represents a 21.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider W. Michael Flanagan sold 12,742 shares of Avidity Biosciences stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the transaction, the insider now directly owns 72,647 shares in the company, valued at $2,372,651.02. This represents a 14.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 105,138 shares of company stock valued at $3,370,532. 3.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently bought and sold shares of the company. PEAK6 Investments LLC boosted its holdings in Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company's stock worth $337,000 after acquiring an additional 343 shares during the last quarter. Aaron Wealth Advisors LLC raised its stake in shares of Avidity Biosciences by 6.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock worth $236,000 after purchasing an additional 504 shares during the period. Quantinno Capital Management LP raised its stake in shares of Avidity Biosciences by 8.0% during the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock worth $204,000 after purchasing an additional 518 shares during the period. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences during the 3rd quarter worth $27,000. Finally, New York State Common Retirement Fund raised its stake in shares of Avidity Biosciences by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock worth $5,374,000 after purchasing an additional 598 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.