JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Avidity Biosciences (NASDAQ:RNA) Stock

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its price objective upped by research analysts at JPMorgan Chase & Co. from $57.00 to $59.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the biotechnology company's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 88.08% from the company's previous close.

RNA has been the subject of a number of other research reports. Chardan Capital raised their price objective on Avidity Biosciences from $65.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday. Barclays lowered their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Bank of America upped their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a report on Monday. 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 price objective for the company. Finally, HC Wainwright dropped their target price on shares of 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 analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $67.33.

Avidity Biosciences Stock Down 2.4%

Shares of Avidity Biosciences stock traded down $0.77 on Tuesday, reaching $31.37. The stock had a trading volume of 963,594 shares, compared to its average volume of 1,425,516. The stock has a market capitalization of $3.78 billion, a P/E ratio of -10.89 and a beta of 0.95. The company has a 50 day moving average price of $29.99 and a 200 day moving average price of $31.17. 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 announced its 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 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. On average, analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sarah Boyce sold 31,540 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 $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares in the company, valued at $9,500,353.26. This represents a 9.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $297,492.68. Following the transaction, the insider now owns 72,850 shares of the company's stock, valued at approximately $2,262,721. This represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,678 shares of company stock valued at $2,725,857 in the last ninety days. Insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in the company. abrdn plc grew its position in Avidity Biosciences by 80.8% during the fourth quarter. abrdn plc now owns 44,912 shares of the biotechnology company's stock valued at $1,306,000 after buying an additional 20,076 shares during the period. Legato Capital Management LLC purchased a new stake in shares of Avidity Biosciences during the 4th quarter worth about $301,000. Van ECK Associates Corp acquired a new stake in shares of Avidity Biosciences during the 4th quarter valued at about $38,000. Rhumbline Advisers increased its stake in shares of Avidity Biosciences by 3.2% in the 4th quarter. Rhumbline Advisers now owns 153,803 shares of the biotechnology company's stock valued at $4,473,000 after purchasing an additional 4,795 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of Avidity Biosciences by 8.1% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 48,536 shares of the biotechnology company's stock valued at $1,411,000 after purchasing an additional 3,638 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.