Avidity Biosciences (NASDAQ:RNA) Price Target Raised to $75.00

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its price target increased by investment analysts at Chardan Capital from $65.00 to $75.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. Chardan Capital's price target suggests a potential upside of 132.50% from the company's current price.

Several other equities research analysts also recently commented on the stock. Needham & Company LLC reiterated a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. BMO Capital Markets began coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price for the company. Citigroup began coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price target on the stock. Barclays reduced their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Finally, Bank of America dropped their price objective on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $67.15.

Avidity Biosciences Stock Down 11.0%

Shares of NASDAQ:RNA traded down $3.98 during midday trading on Monday, reaching $32.26. 832,985 shares of the company were exchanged, compared to its average volume of 1,448,661. Avidity Biosciences has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The stock has a fifty day simple moving average of $29.43 and a two-hundred day simple moving average of $31.40. The firm has a market cap of $3.89 billion, a PE ratio of -11.50 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. As a group, analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Activity

In related news, CEO Sarah Boyce sold 31,540 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. This trade represents a 9.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven George Hughes sold 9,578 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 $297,492.68. Following the completion of the transaction, the insider now directly owns 72,850 shares of the company's stock, valued at $2,262,721. The trade was a 11.62% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,678 shares of company stock valued at $2,068,257. Company insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in RNA. TD Waterhouse Canada Inc. grew its stake in 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 acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences in the 4th quarter worth approximately $38,000. Parallel Advisors LLC boosted its position in shares of Avidity Biosciences by 43.3% during 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 acquired a new stake in Avidity Biosciences in the 4th quarter valued at approximately $60,000. Finally, GF Fund Management CO. LTD. acquired a new stake in Avidity Biosciences in the 4th 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.

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