Avidity Biosciences (NASDAQ:RNA) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays has raised its price target for Avidity Biosciences from $59.00 to $62.00, indicating a potential upside of 36% based on the current stock price.
• Avidity Biosciences recently reported a quarterly loss of ($0.90) EPS, missing analysts' expectations, and had a negative net margin of 4,136%.
• The average analyst rating for Avidity Biosciences is a "Buy," with a consensus target price of $66.53, and 16 out of 17 analysts have rated the stock positively.

Avidity Biosciences (NASDAQ:RNA - Free Report) had its target price upped by Barclays from $59.00 to $62.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the biotechnology company's stock.

A number of other research firms have also recently weighed in on RNA. Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Friday, June 27th. Raymond James Financial initiated coverage on Avidity Biosciences in a report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price target for the company. The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 price target for the company in a report on Thursday, July 10th. Bank of America raised their price target on Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Wolfe Research started coverage on Avidity Biosciences in a report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price target for the company. Seventeen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Avidity Biosciences presently has an average rating of "Buy" and an average target price of $67.00.

Avidity Biosciences Stock Performance

RNA traded down $1.23 during midday trading on Friday, reaching $46.29. The company had a trading volume of 4,928,112 shares, compared to its average volume of 3,771,629. The stock has a market cap of $5.58 billion, a PE ratio of -15.43 and a beta of 0.95. Avidity Biosciences has a 12-month low of $21.51 and a 12-month high of $56.00. The business has a 50-day moving average price of $33.25 and a two-hundred day moving average price of $31.27.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its earnings results 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 company 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%. On average, research analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In other news, insider Steven George Hughes sold 81,434 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $42.74, for a total value of $3,480,489.16. Following the transaction, the insider owned 38,867 shares of the company's stock, valued at $1,661,175.58. This represents a 67.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Troy Edward Wilson sold 65,554 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total transaction of $2,949,930.00. Following the completion of the transaction, the director directly owned 17,776 shares in the company, valued at $799,920. The trade was a 78.67% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 443,826 shares of company stock worth $19,597,686. Company insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently made changes to their positions in the business. TD Waterhouse Canada Inc. increased its stake in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 866 shares during the period. Westside Investment Management Inc. purchased a new stake in Avidity Biosciences during the 2nd quarter valued at $29,000. PNC Financial Services Group Inc. boosted its position in Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company's stock valued at $42,000 after buying an additional 1,099 shares during the period. Parallel Advisors LLC boosted its position in Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after buying an additional 515 shares during the period. Finally, GF Fund Management CO. LTD. purchased a new stake in Avidity Biosciences during the 4th quarter valued at $73,000.

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.