Avidity Biosciences (NASDAQ:RNA) Price Target Raised to $75.00

Key Points

• Wells Fargo & Company raised its target price for Avidity Biosciences from $70.00 to $75.00, indicating a potential upside of 60.37% from the current price.
• Seventeen research analysts have rated Avidity Biosciences with a buy rating, and the stock currently has an average target price of $67.00.
• Avidity Biosciences reported negative earnings of ($0.90) per share for the latest quarter, missing the consensus estimate, and has a negative net margin of 4,136.00%.

Avidity Biosciences (NASDAQ:RNA - Free Report) had its price target increased by Wells Fargo & Company from $70.00 to $75.00 in a research report sent to investors on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biotechnology company's stock.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. boosted their target price on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Barclays reiterated an "overweight" rating and issued a $62.00 target price (up from $59.00) on shares of Avidity Biosciences in a report on Friday. Bank of America upped their price objective on Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Cantor Fitzgerald restated an "overweight" rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Friday, June 27th. Finally, Chardan Capital reiterated a "buy" rating and issued a $75.00 price target on shares of Avidity Biosciences in a research note on Friday. Seventeen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $67.00.

Avidity Biosciences Stock Performance

Shares of RNA traded up $0.45 during mid-day trading on Friday, hitting $46.23. 2,589,720 shares of the stock were exchanged, compared to its average volume of 1,812,229. The company has a market cap of $5.95 billion, a PE ratio of -15.41 and a beta of 0.95. Avidity Biosciences has a 52-week low of $21.51 and a 52-week high of $56.00. The firm has a 50-day moving average of $33.50 and a two-hundred day moving average of $31.39.

Insider Buying and Selling

In other news, insider Steven George Hughes sold 81,434 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $42.74, for a total value of $3,480,489.16. Following the transaction, the insider owned 38,867 shares in the company, valued at $1,661,175.58. This trade represents a 67.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Arthur A. Levin sold 107,500 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $47.62, for a total value of $5,119,150.00. Following the transaction, the director owned 19,650 shares in the company, valued at approximately $935,733. The trade was a 84.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 443,826 shares of company stock valued at $19,597,686 in the last 90 days. Corporate insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently added to or reduced their stakes in RNA. TD Waterhouse Canada Inc. lifted its stake in shares of Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 866 shares during the last quarter. Westside Investment Management Inc. purchased a new stake in Avidity Biosciences during the 2nd quarter worth about $29,000. PNC Financial Services Group Inc. increased its holdings in Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company's stock worth $42,000 after purchasing an additional 1,099 shares during the period. Parallel Advisors LLC increased 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 purchasing an additional 515 shares during the period. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at about $73,000.

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.