Avidity Biosciences (NASDAQ:RNA) Given New $59.00 Price Target at Barclays

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

Several other research firms also recently issued reports on RNA. Bank of America boosted their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Monday. BMO Capital Markets began coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, April 9th. JPMorgan Chase & Co. lifted their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, HC Wainwright lowered their price objective 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. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $67.33.

Avidity Biosciences Price Performance

RNA traded down $0.77 during trading on Tuesday, reaching $31.37. 963,594 shares of the stock traded hands, compared to its average volume of 1,425,516. The stock's 50-day simple moving average is $29.99 and its two-hundred day simple moving average is $31.17. Avidity Biosciences has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of -10.89 and a beta of 0.95.

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 analysts' consensus estimates of ($0.88) by ($0.02). The firm had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Research analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Michael F. Maclean sold 7,935 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $246,461.10. Following the transaction, the chief financial officer now directly owns 96,720 shares of the company's stock, valued at $3,004,123.20. The trade was a 7.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven George Hughes sold 9,578 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the sale, the insider now owns 72,850 shares in the company, valued at approximately $2,262,721. This trade represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 86,678 shares of company stock worth $2,725,857 over the last three months. 3.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently bought and sold shares of the business. TD Waterhouse Canada Inc. grew its holdings in shares of 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 purchasing an additional 866 shares during the last quarter. Van ECK Associates Corp acquired a new position in Avidity Biosciences during the 4th quarter worth about $38,000. Parallel Advisors LLC grew its holdings in 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 acquiring an additional 515 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Avidity Biosciences in the 4th quarter valued at about $60,000. Finally, GF Fund Management CO. LTD. acquired a new stake in Avidity Biosciences in the 4th quarter valued at about $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.