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

Analysts at Wolfe Research started coverage on shares of Avidity Biosciences (NASDAQ:RNA - Get Free Report) in a report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set an "outperform" rating and a $55.00 price target on the biotechnology company's stock. Wolfe Research's price objective suggests a potential upside of 84.56% from the stock's previous close.

Other analysts have also recently issued reports about the company. HC Wainwright decreased their price objective on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Chardan Capital increased their price target on Avidity Biosciences from $65.00 to $75.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Raymond James initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Finally, BMO Capital Markets started coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target on the stock. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $66.56.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $29.80 on Tuesday. The stock has a 50-day simple moving average of $30.10 and a 200-day simple moving average of $30.91. The stock has a market cap of $3.59 billion, a P/E ratio of -10.35 and a beta of 0.95. Avidity Biosciences has a 1 year low of $21.51 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly 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 business had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. On average, equities research analysts predict that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $32.48, for a total value of $190,820.00. Following the sale, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,641,993.92. This trade represents a 10.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider W. Michael Flanagan sold 20,000 shares of the 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 transaction, the insider now owns 80,195 shares in the company, valued at approximately $2,636,811.60. The trade was a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,678 shares of company stock valued at $2,725,857. 3.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently bought and sold shares of the stock. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences in the 4th quarter worth $38,000. Rhumbline Advisers grew its holdings in shares of 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 during the period. State of New Jersey Common Pension Fund D raised its holdings in Avidity Biosciences by 8.1% in the fourth 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 buying an additional 3,638 shares during the period. New York State Common Retirement Fund lifted its position in Avidity Biosciences by 0.3% during the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock valued at $5,374,000 after buying an additional 598 shares in the last quarter. Finally, Handelsbanken Fonder AB acquired a new stake in shares of Avidity Biosciences in the fourth quarter worth $788,000.

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.

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