Avidity Biosciences (NASDAQ:RNA) Earns Outperform Rating from Analysts at Sanford C. Bernstein

Investment analysts at Sanford C. Bernstein 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 $50.00 price target on the biotechnology company's stock. Sanford C. Bernstein's price target would indicate a potential upside of 71.53% from the company's previous close.

A number of other brokerages have also recently weighed in on RNA. JPMorgan Chase & Co. boosted their price target on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Barclays boosted their price target on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. BMO Capital Markets assumed coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective for the company. Finally, Bank of America boosted their price objective on Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Sixteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $65.59.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $29.15 on Tuesday. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $56.00. The firm has a market cap of $3.51 billion, a PE ratio of -9.72 and a beta of 0.95. The firm's 50 day moving average price is $30.51 and its two-hundred day moving average price is $30.58.

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

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 911 shares of Avidity Biosciences stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $30.24, for a total transaction of $27,548.64. Following the transaction, the insider now directly owns 50,392 shares in the company, valued at approximately $1,523,854.08. The trade was a 1.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider W. Michael Flanagan sold 20,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the transaction, the insider now directly owns 80,195 shares of the company's stock, 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. Over the last 90 days, insiders sold 38,536 shares of company stock valued at $1,229,820. Corporate insiders own 3.83% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $38,000. Rhumbline Advisers lifted its stake in Avidity Biosciences by 3.2% in the 4th quarter. Rhumbline Advisers now owns 153,803 shares of the biotechnology company's stock valued at $4,473,000 after acquiring an additional 4,795 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position 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 acquiring an additional 3,638 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Avidity Biosciences by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock worth $5,374,000 after acquiring 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 valued at approximately $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.

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