Avidity Biosciences (NASDAQ:RNA) Now Covered by Analysts at Bank of America

Bank of America assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA - Free Report) in a research report sent to investors on Friday, Marketbeat.com reports. The brokerage issued a buy rating and a $40.00 price target on the biotechnology company's stock.

RNA has been the topic of a number of other research reports. Cantor Fitzgerald initiated coverage on Avidity Biosciences in a report on Thursday, March 14th. They issued an overweight rating and a $60.00 target price on the stock. Needham & Company LLC reaffirmed a buy rating and issued a $35.00 target price on shares of Avidity Biosciences in a report on Thursday, April 11th. Finally, Chardan Capital reiterated a buy rating and issued a $23.00 price target on shares of Avidity Biosciences in a research note on Thursday, February 29th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of Buy and a consensus target price of $36.86.

Avidity Biosciences Price Performance

NASDAQ:RNA traded up $0.87 during trading hours on Friday, reaching $26.45. 641,486 shares of the company were exchanged, compared to its average volume of 1,144,812. The company has a market capitalization of $2.53 billion, a P/E ratio of -9.21 and a beta of 0.79. Avidity Biosciences has a 1-year low of $4.82 and a 1-year high of $27.66. The business has a 50 day moving average of $23.01 and a 200 day moving average of $13.78.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.54) by ($0.25). The company had revenue of $2.19 million for the quarter, compared to analyst estimates of $32.08 million. Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. As a group, equities research analysts anticipate that Avidity Biosciences will post -3.07 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Sarah Boyce sold 84,000 shares of the firm's stock in a transaction on Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the completion of the transaction, the chief executive officer now directly owns 112,117 shares of the company's stock, valued at approximately $2,398,182.63. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Sarah Boyce sold 84,000 shares of the firm's stock in a transaction on Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the completion of the transaction, the chief executive officer now directly owns 112,117 shares of the company's stock, valued at approximately $2,398,182.63. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the firm's stock in a transaction on Friday, April 19th. The stock was sold at an average price of $22.82, for a total value of $114,100.00. Following the transaction, the director now directly owns 14,830 shares of the company's stock, valued at $338,420.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 204,641 shares of company stock worth $4,676,431. Insiders own 2.00% of the company's stock.

Institutional Trading of Avidity Biosciences

A number of large investors have recently bought and sold shares of RNA. Nisa Investment Advisors LLC grew its holdings in Avidity Biosciences by 15,900.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 3,180 shares during the period. Quadrant Capital Group LLC grew its holdings in Avidity Biosciences by 456.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company's stock worth $30,000 after acquiring an additional 2,714 shares during the period. Aigen Investment Management LP acquired a new stake in Avidity Biosciences during the 3rd quarter worth about $71,000. China Universal Asset Management Co. Ltd. grew its holdings in Avidity Biosciences by 352.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company's stock worth $78,000 after acquiring an additional 6,675 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in shares of Avidity Biosciences by 43.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company's stock valued at $95,000 after buying an additional 3,182 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.