Barclays Issues Positive Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its price target increased by Barclays from $57.00 to $59.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

Several other brokerages also recently issued reports on RNA. JPMorgan Chase & Co. upped their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Citigroup initiated coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They set a “buy” rating and a $70.00 price target on the stock. HC Wainwright reduced their price target on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Finally, BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price target on the stock. Fourteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $67.50.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA opened at $33.62 on Tuesday. Avidity Biosciences has a 52 week low of $21.51 and a 52 week high of $56.00. The company’s fifty day moving average is $29.60 and its 200-day moving average is $31.34. The company has a market capitalization of $4.05 billion, a PE ratio of -11.67 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. On average, analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Activity

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $246,461.10. Following the completion of the sale, the chief financial officer now directly owns 96,720 shares in the company, valued at $3,004,123.20. This represents a 7.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the sale, the insider now owns 50,554 shares of the company’s stock, valued at $1,406,917.82. This trade represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,678 shares of company stock valued at $2,068,257 in the last ninety days. 3.83% of the stock is owned by insiders.

Institutional Trading of Avidity Biosciences

A number of large investors have recently bought and sold shares of RNA. abrdn plc increased its stake in Avidity Biosciences by 80.8% during the 4th quarter. abrdn plc now owns 44,912 shares of the biotechnology company’s stock worth $1,306,000 after purchasing an additional 20,076 shares in the last quarter. Legato Capital Management LLC bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $301,000. Van ECK Associates Corp bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $38,000. Rhumbline Advisers increased its stake in Avidity Biosciences by 3.2% during the 4th quarter. Rhumbline Advisers now owns 153,803 shares of the biotechnology company’s stock worth $4,473,000 after purchasing an additional 4,795 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in Avidity Biosciences by 8.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 48,536 shares of the biotechnology company’s stock worth $1,411,000 after purchasing an additional 3,638 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.