Avidity Biosciences (NASDAQ:RNA) Price Target Raised to $59.00 at Barclays

Avidity Biosciences (NASDAQ:RNA - Free Report) had its target price raised by Barclays from $57.00 to $59.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the biotechnology company's stock.

RNA has been the subject of a number of other research reports. Chardan Capital boosted their price objective on shares of Avidity Biosciences from $65.00 to $75.00 and gave the company a "buy" rating in a research report on Monday. Needham & Company LLC restated a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Bank of America upped their target price on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a research report on Monday. Scotiabank began coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price for the company. Finally, 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 target price for the company. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Avidity Biosciences currently has an average rating of "Buy" and an average price target of $67.33.

Avidity Biosciences Stock Down 4.8%

Shares of RNA traded down $1.61 during midday trading on Tuesday, hitting $32.01. The company had a trading volume of 1,561,734 shares, compared to its average volume of 1,465,582. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of -11.11 and a beta of 0.95. The company's 50 day moving average price is $29.71 and its 200 day moving average price is $31.35. Avidity Biosciences has a 52 week low of $21.51 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) 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 analyst estimates of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 305,871 shares of the company's stock, valued at $9,500,353.26. This represents a 9.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $32.48, for a total transaction of $190,820.00. Following the sale, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,641,993.92. This represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,678 shares of company stock valued at $2,068,257 over the last ninety days. Insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Avidity Biosciences by 2.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company's stock valued at $334,701,000 after acquiring an additional 295,275 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Avidity Biosciences by 19.5% in the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock valued at $285,888,000 after acquiring an additional 1,578,459 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Avidity Biosciences by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after acquiring an additional 205,027 shares in the last quarter. Avoro Capital Advisors LLC lifted its position in shares of Avidity Biosciences by 9.1% in the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock valued at $218,100,000 after acquiring an additional 625,000 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after acquiring an additional 2,156,844 shares in the last quarter.

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.