Barclays Has Lowered Expectations for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its price target cut by analysts at Barclays from $63.00 to $57.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Barclays‘s price target suggests a potential upside of 86.03% from the stock’s previous close.

Other analysts also recently issued research reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Friday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $65.20.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock opened at $30.64 on Friday. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of -10.64 and a beta of 1.00. The stock’s 50-day moving average is $31.01 and its 200-day moving average is $38.85. Avidity Biosciences has a one year low of $16.30 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities analysts expect that Avidity Biosciences will post -2.89 EPS for the current year.

Insiders Place Their Bets

In other news, insider W. Michael Flanagan sold 24,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00. Following the completion of the sale, the insider now owns 85,389 shares in the company, valued at $3,054,364.53. The trade was a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 129,138 shares of company stock valued at $4,229,012 over the last 90 days. 3.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences in the third quarter valued at approximately $27,000. TD Waterhouse Canada Inc. lifted its stake in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 866 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences during the third quarter worth $30,000. Van ECK Associates Corp bought a new stake in Avidity Biosciences during the fourth quarter worth $38,000. Finally, Headlands Technologies LLC bought a new stake in Avidity Biosciences during the fourth quarter worth $60,000.

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.