Avidity Biosciences (NASDAQ:RNA) Price Target Cut to $68.00 by Analysts at HC Wainwright

Avidity Biosciences (NASDAQ:RNA - Free Report) had its price target decreased by HC Wainwright from $72.00 to $68.00 in a research report sent to investors on Monday,Benzinga reports. HC Wainwright currently has a buy rating on the biotechnology company's stock. HC Wainwright also issued estimates for Avidity Biosciences' Q2 2025 earnings at ($0.61) EPS, Q3 2025 earnings at ($0.61) EPS, Q4 2025 earnings at ($0.61) EPS, FY2025 earnings at ($2.71) EPS, FY2026 earnings at ($2.65) EPS, FY2027 earnings at ($2.13) EPS, FY2028 earnings at $0.57 EPS and FY2029 earnings at $2.60 EPS.

A number of other analysts also recently issued reports on the stock. Barclays lowered their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target for the company. Chardan Capital restated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, May 7th. Finally, Bank of America lowered their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $66.38.

Avidity Biosciences Stock Up 4.8%

NASDAQ RNA traded up $1.38 on Monday, reaching $30.35. The company had a trading volume of 1,342,137 shares, compared to its average volume of 1,435,695. The stock has a market capitalization of $3.66 billion, a PE ratio of -10.54 and a beta of 1.00. The firm's 50 day moving average price is $29.22 and its 200 day moving average price is $32.94. Avidity Biosciences has a 12 month low of $21.51 and a 12 month 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 analysts' consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. On average, research analysts expect that Avidity Biosciences will post -2.89 EPS for the current year.

Insiders Place Their Bets

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction 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 transaction, the insider now directly owns 50,554 shares in the company, valued at approximately $1,406,917.82. The trade was a 10.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the transaction, the chief executive officer now directly owns 305,871 shares of the company's stock, valued at approximately $9,500,353.26. This trade represents a 9.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,803 shares of company stock valued at $1,877,437 in the last 90 days. 3.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. TD Waterhouse Canada Inc. increased its position in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 866 shares during the last quarter. Van ECK Associates Corp bought a new stake in Avidity Biosciences in the 4th quarter worth approximately $38,000. Parallel Advisors LLC increased its stake in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 515 shares during the period. Headlands Technologies LLC purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $60,000. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $73,000.

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.