Avidity Biosciences (NASDAQ:RNA) Coverage Initiated at Wolfe Research

Equities research analysts at Wolfe Research began coverage on shares of Avidity Biosciences (NASDAQ:RNA - Get Free Report) in a research note issued on Tuesday, MarketBeat reports. The firm set an "outperform" rating and a $55.00 price target on the biotechnology company's stock. Wolfe Research's target price would indicate a potential upside of 87.65% from the company's current price.

A number of other equities analysts also recently commented on RNA. Chardan Capital upped their target price on Avidity Biosciences from $65.00 to $75.00 and gave the company a "buy" rating in a report on Monday, June 9th. Scotiabank began coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. 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, April 9th. Barclays lifted their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Finally, HC Wainwright decreased their price target on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and a consensus price target of $66.56.

Avidity Biosciences Price Performance

RNA stock traded down $0.01 during mid-day trading on Tuesday, hitting $29.31. 1,505,770 shares of the stock were exchanged, compared to its average volume of 1,408,118. The business has a fifty day moving average price of $30.39 and a 200 day moving average price of $30.80. Avidity Biosciences has a 12 month low of $21.51 and a 12 month high of $56.00. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of -9.77 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released 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 4,136.00% and a negative return on equity of 26.96%. The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. As a group, equities analysts forecast that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total transaction of $163,501.25. Following the completion of the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at $1,406,917.82. The trade was a 10.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider W. Michael Flanagan sold 20,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total transaction of $657,600.00. Following the completion of the transaction, the insider now owns 80,195 shares of the company's stock, valued at approximately $2,636,811.60. This trade represents a 19.96% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,536 shares of company stock valued at $1,229,820. 3.83% of the stock is currently owned by insiders.

Institutional Trading of Avidity Biosciences

Several institutional investors have recently modified their holdings of RNA. Van ECK Associates Corp acquired a new stake in Avidity Biosciences during the 4th quarter worth $38,000. Rhumbline Advisers boosted its position in Avidity Biosciences by 3.2% during the fourth quarter. Rhumbline Advisers now owns 153,803 shares of the biotechnology company's stock worth $4,473,000 after acquiring an additional 4,795 shares during the last quarter. State of New Jersey Common Pension Fund D grew 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 valued at $1,411,000 after acquiring an additional 3,638 shares in the last quarter. New York State Common Retirement Fund raised its holdings in Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock valued at $5,374,000 after acquiring an additional 598 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new stake in Avidity Biosciences in the 4th quarter valued at about $788,000.

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.