Avidity Biosciences (NASDAQ:RNA) Given New $45.00 Price Target at Bank of America

Avidity Biosciences (NASDAQ:RNA) had its price objective upped by Bank of America from $40.00 to $45.00 in a research note issued to investors on Thursday morning, Benzinga reports. Bank of America currently has a buy rating on the biotechnology company’s stock.

Several other analysts also recently weighed in on RNA. Needham & Company LLC restated a buy rating and set a $35.00 target price on shares of Avidity Biosciences in a research note on Monday, June 10th. Evercore ISI raised their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the company an outperform rating in a research note on Wednesday, June 12th. Cantor Fitzgerald began coverage on Avidity Biosciences in a research report on Thursday, March 14th. They issued an overweight rating and a $60.00 target price on the stock. Finally, Chardan Capital raised their price target on shares of Avidity Biosciences from $33.00 to $45.00 and gave the stock a buy rating in a research report on Wednesday, June 12th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has an average rating of Buy and an average price target of $44.29.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $39.64 on Thursday. Avidity Biosciences has a one year low of $4.82 and a one year high of $42.00. The stock’s 50 day moving average price is $27.05 and its 200 day moving average price is $18.81. The firm has a market capitalization of $3.79 billion, a PE ratio of -13.44 and a beta of 0.81.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.02. The business had revenue of $3.54 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. On average, analysts forecast that Avidity Biosciences will post -3.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $25.54, for a total value of $715,120.00. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at approximately $2,863,468.18. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Arthur A. Levin sold 20,000 shares of the company’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $27.11, for a total transaction of $542,200.00. Following the completion of the transaction, the director now directly owns 253,872 shares in the company, valued at approximately $6,882,469.92. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total value of $715,120.00. Following the completion of the sale, the chief executive officer now directly owns 112,117 shares in the company, valued at $2,863,468.18. The disclosure for this sale can be found here. Insiders have sold 469,478 shares of company stock worth $16,118,570 over the last ninety days. 3.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC raised its stake in Avidity Biosciences by 15,900.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 3,180 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. Privium Fund Management B.V. acquired a new stake in Avidity Biosciences in the first quarter worth about $205,000. China Universal Asset Management Co. Ltd. grew its position in Avidity Biosciences by 352.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after buying an additional 6,675 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in Avidity Biosciences during the 1st quarter valued at about $221,000.

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.