JPMorgan Chase & Co. Raises Avidity Biosciences (NASDAQ:RNA) Price Target to $59.00

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its target price hoisted by research analysts at JPMorgan Chase & Co. from $57.00 to $59.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the biotechnology company's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 84.32% from the stock's current price.

RNA has been the topic of several other reports. Scotiabank assumed coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective on the stock. Citigroup initiated coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 target price on the stock. Chardan Capital raised their target price on shares of Avidity Biosciences from $65.00 to $75.00 and gave the company a "buy" rating in a research note on Monday. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Finally, HC Wainwright lowered their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $67.33.

Avidity Biosciences Trading Down 4.8%

NASDAQ:RNA traded down $1.61 during mid-day trading on Tuesday, hitting $32.01. The stock had a trading volume of 1,561,734 shares, compared to its average volume of 1,465,582. The stock has a market capitalization of $3.86 billion, a price-to-earnings ratio of -11.11 and a beta of 0.95. The company has a 50 day simple moving average of $29.60 and a 200-day simple moving average of $31.34. 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 quarterly earnings data 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). The firm had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, equities research analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Buying and Selling

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the completion of the sale, the chief financial officer now directly owns 96,720 shares of the company's stock, valued at approximately $3,004,123.20. The trade was a 7.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 31,540 shares of the business'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 $979,632.40. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 66,678 shares of company stock worth $2,068,257 in the last 90 days. Corporate insiders own 3.83% of the company's stock.

Institutional Trading of Avidity Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in Avidity Biosciences by 2.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company's stock worth $334,701,000 after purchasing an additional 295,275 shares during the last quarter. Wellington Management Group LLP raised its holdings in Avidity Biosciences by 19.5% during the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock worth $285,888,000 after purchasing an additional 1,578,459 shares during the last quarter. Vanguard Group Inc. increased its stake 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 during the last quarter. Avoro Capital Advisors LLC increased its stake 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 during the last quarter. Finally, Janus Henderson Group PLC increased its stake 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 during the last quarter.

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.