Avidity Biosciences (NASDAQ:RNA) Price Target Cut to $48.00 by Analysts at Bank of America

Avidity Biosciences (NASDAQ:RNA) had its price target lowered by Bank of America from $51.00 to $48.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other equities research analysts also recently weighed in on RNA. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Chardan Capital reissued a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Friday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Scotiabank assumed coverage on Avidity Biosciences in a report on Friday. They set a “sector outperform” rating and a $70.00 price target for the company. Finally, Barclays decreased their price target on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $65.91.

Avidity Biosciences Stock Down 0.8 %

Shares of Avidity Biosciences stock opened at $30.04 on Monday. The firm has a market capitalization of $3.61 billion, a P/E ratio of -10.43 and a beta of 1.02. Avidity Biosciences has a 52 week low of $20.80 and a 52 week high of $56.00. The firm’s 50 day moving average is $30.87 and its two-hundred day moving average is $38.18.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm 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%. As a group, research analysts expect that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $33.26, for a total value of $831,500.00. Following the completion of the transaction, the insider now owns 94,018 shares in the company, valued at $3,127,038.68. This trade represents a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider W. Michael Flanagan sold 24,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total value of $858,480.00. Following the completion of the transaction, the insider now owns 85,389 shares of the company’s stock, valued at approximately $3,054,364.53. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 129,138 shares of company stock worth $4,229,012. 3.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new stake in Avidity Biosciences during the 4th quarter worth about $386,000. Lord Abbett & CO. LLC increased its position in Avidity Biosciences by 30.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after purchasing an additional 124,867 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Avidity Biosciences by 24.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after purchasing an additional 197,065 shares in the last quarter. RA Capital Management L.P. increased its position in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Finally, FMR LLC boosted its stake in Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after buying an additional 689,729 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.