Avidity Biosciences (NASDAQ:RNA) Now Covered by Analysts at Sanford C. Bernstein

Investment analysts at Sanford C. Bernstein assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA - Get Free Report) in a report issued on Tuesday, Marketbeat reports. The firm set an "outperform" rating and a $50.00 price target on the biotechnology company's stock. Sanford C. Bernstein's target price would suggest a potential upside of 71.11% from the company's previous close.

Several other brokerages also recently issued reports on RNA. Raymond James Financial initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 price objective on the stock. Barclays boosted their price target on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Citigroup lifted their target price on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Needham & Company LLC restated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Finally, BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective on the stock. Sixteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $65.59.

Avidity Biosciences Stock Performance

NASDAQ RNA traded down $0.61 during trading hours on Tuesday, hitting $29.22. The company had a trading volume of 365,981 shares, compared to its average volume of 1,383,671. The business has a 50 day moving average of $30.72 and a 200-day moving average of $30.53. Avidity Biosciences has a 1-year low of $21.51 and a 1-year high of $56.00. The company has a market cap of $3.52 billion, a PE ratio of -9.75 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). The firm had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. Sell-side analysts expect that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 911 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $30.24, for a total value of $27,548.64. Following the sale, the insider now directly owns 50,392 shares in the company, valued at $1,523,854.08. This represents a 1.78% decrease in their ownership of the stock. 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 stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the sale, the insider now owns 80,195 shares in the company, 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 90 days, insiders have sold 38,536 shares of company stock valued at $1,229,820. Insiders own 3.83% of the company's stock.

Institutional Trading of Avidity Biosciences

Hedge funds have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in shares of Avidity Biosciences by 7.1% during the 1st quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company's stock worth $4,864,000 after purchasing an additional 10,973 shares during the period. Strs Ohio purchased a new stake in Avidity Biosciences in the 1st quarter valued at about $180,000. Intech Investment Management LLC increased its stake in shares of Avidity Biosciences by 1.4% during the 1st quarter. Intech Investment Management LLC now owns 61,675 shares of the biotechnology company's stock valued at $1,821,000 after acquiring an additional 874 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Avidity Biosciences by 7.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company's stock valued at $10,560,000 after acquiring an additional 25,329 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Avidity Biosciences by 2.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company's stock worth $23,164,000 after acquiring an additional 21,649 shares during the period.

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.