Avidity Biosciences (NASDAQ:RNA) Now Covered by Raymond James

Analysts at Raymond James assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA - Get Free Report) in a note issued to investors on Wednesday, Marketbeat reports. The brokerage set a "strong-buy" rating and a $65.00 price target on the biotechnology company's stock. Raymond James' target price suggests a potential upside of 107.20% from the company's current price.

A number of other research firms also recently commented on RNA. HC Wainwright decreased their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a report on Monday, May 12th. Needham & Company LLC reissued a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. Citigroup boosted their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target for the company. Finally, Bank of America boosted their price target on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a report on Monday, June 9th. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $67.33.

Avidity Biosciences Trading Down 2.4%

Avidity Biosciences stock traded down $0.77 during mid-day trading on Wednesday, reaching $31.37. The company's stock had a trading volume of 963,594 shares, compared to its average volume of 1,412,242. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of -10.89 and a beta of 0.95. The business has a 50 day moving average price of $29.99 and a 200-day moving average price of $31.09. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $56.00.

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

Insiders Place Their Bets

In other news, CFO Michael F. Maclean sold 7,935 shares of the company's 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 transaction, the chief financial officer now owns 96,720 shares in the company, valued at $3,004,123.20. This represents a 7.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sarah Boyce sold 31,540 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the transaction, the chief executive officer now owns 305,871 shares in the company, valued at $9,500,353.26. This represents a 9.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 86,678 shares of company stock worth $2,725,857. Company insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in RNA. Janus Henderson Group PLC grew its stake in shares of Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after buying an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC bought a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $50,232,000. Wellington Management Group LLP grew its stake in shares of Avidity Biosciences by 19.5% in the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock valued at $285,888,000 after buying an additional 1,578,459 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in shares of Avidity Biosciences in the 1st quarter valued at approximately $22,765,000. Finally, Norges Bank bought a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $21,077,000.

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.