Avidity Biosciences' (RNA) "Overweight" Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Avidity Biosciences (NASDAQ:RNA - Free Report) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $96.00 target price on the biotechnology company's stock.

A number of other equities analysts also recently issued reports on the company. HC Wainwright dropped their price target on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. JPMorgan Chase & Co. upped their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Barclays raised their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Citigroup upped their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, Bank of America increased their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Sixteen investment 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, Avidity Biosciences has an average rating of "Buy" and an average price target of $65.59.

Avidity Biosciences Stock Performance

Avidity Biosciences stock traded down $0.63 during trading hours on Friday, hitting $28.40. The company had a trading volume of 890,095 shares, compared to its average volume of 1,441,169. The firm has a market cap of $3.42 billion, a P/E ratio of -9.47 and a beta of 0.95. The company has a 50-day moving average price of $30.76 and a two-hundred day moving average price of $30.42. Avidity Biosciences has a 1 year low of $21.51 and a 1 year high of $56.00.

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

Insiders Place Their Bets

In other news, insider W. Michael Flanagan sold 20,000 shares of the 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 sale, the insider now directly owns 80,195 shares in the company, valued at $2,636,811.60. This represents a 19.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $32.40, for a total transaction of $190,350.00. Following the completion of the sale, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,637,949.60. The trade was a 10.41% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,536 shares of company stock worth $1,229,820. Company insiders own 3.83% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RNA. TD Waterhouse Canada Inc. boosted its stake in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after buying an additional 866 shares during the last quarter. 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 valued at $50,000 after acquiring an additional 515 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Avidity Biosciences in the fourth quarter valued at about $60,000. GF Fund Management CO. LTD. acquired a new stake in Avidity Biosciences during the fourth quarter worth about $73,000. Finally, IFP Advisors Inc raised its stake in Avidity Biosciences by 123.2% during the first quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock worth $96,000 after purchasing an additional 1,787 shares during the period.

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.