Avidity Biosciences (NASDAQ:RNA) Coverage Initiated by Analysts at Bank of America

Investment analysts at Bank of America started coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a report released on Friday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $40.00 price target on the biotechnology company’s stock. Bank of America‘s target price points to a potential upside of 51.23% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a research note on Thursday, April 11th. Chardan Capital restated a “buy” rating and issued a $23.00 price target on shares of Avidity Biosciences in a research report on Thursday, February 29th. Finally, Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and an average price target of $36.86.

Avidity Biosciences Stock Performance

RNA stock opened at $26.45 on Friday. The company has a market capitalization of $2.53 billion, a P/E ratio of -9.12 and a beta of 0.79. The company has a fifty day moving average price of $23.26 and a 200-day moving average price of $13.92. Avidity Biosciences has a 52-week low of $4.82 and a 52-week high of $27.66.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). The company had revenue of $2.19 million during the quarter, compared to analyst estimates of $32.08 million. Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. As a group, sell-side analysts forecast that Avidity Biosciences will post -3.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Avidity Biosciences news, CEO Sarah Boyce sold 84,000 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at approximately $2,398,182.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Arthur A. Levin sold 27,641 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total value of $608,931.23. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at approximately $326,704.90. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Sarah Boyce sold 84,000 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $21.39, for a total value of $1,796,760.00. Following the completion of the sale, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at $2,398,182.63. The disclosure for this sale can be found here. Over the last three months, insiders sold 204,641 shares of company stock worth $4,676,431. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds have recently added to or reduced their stakes in RNA. Nisa Investment Advisors LLC lifted its stake in shares of Avidity Biosciences by 15,900.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 3,180 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 2,714 shares during the last quarter. Aigen Investment Management LP bought a new position in Avidity Biosciences in the 3rd quarter valued at about $71,000. China Universal Asset Management Co. Ltd. boosted its stake in Avidity Biosciences by 352.2% during 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 purchasing an additional 6,675 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in Avidity Biosciences by 43.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock worth $95,000 after purchasing an additional 3,182 shares in the last quarter.

About Avidity Biosciences

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.