Avidity Biosciences (NASDAQ:RNA) Coverage Initiated at Barclays

Barclays initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report report published on Wednesday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $63.00 target price on the biotechnology company’s stock.

A number of other research firms have also weighed in on RNA. Evercore ISI reduced their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an outperform rating on the stock in a report on Monday, August 26th. Needham & Company LLC reissued a buy rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Bank of America raised their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock a buy rating in a research report on Thursday, June 13th. Finally, Chardan Capital upped their price target on Avidity Biosciences from $45.00 to $60.00 and gave the company a buy rating in a research report on Friday, August 9th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of Buy and an average price target of $55.86.

Avidity Biosciences Stock Up 3.2 %

NASDAQ RNA opened at $44.00 on Wednesday. The company has a market cap of $4.21 billion, a price-to-earnings ratio of -14.92 and a beta of 0.90. Avidity Biosciences has a twelve month low of $4.82 and a twelve month high of $48.80. The business’s fifty day moving average is $43.26 and its 200 day moving average is $31.41.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The firm had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. On average, research analysts anticipate that Avidity Biosciences will post -2.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, Director Arthur A. Levin sold 40,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $35.07, for a total transaction of $1,402,800.00. Following the sale, the director now owns 213,872 shares in the company, valued at approximately $7,500,491.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $45.19, for a total value of $225,950.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at $670,167.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arthur A. Levin sold 40,000 shares of Avidity Biosciences stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $35.07, for a total transaction of $1,402,800.00. Following the completion of the sale, the director now directly owns 213,872 shares of the company’s stock, valued at $7,500,491.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 407,478 shares of company stock valued at $15,447,440. 3.68% of the stock is currently owned by insiders.

Institutional Trading of Avidity Biosciences

Large investors have recently made changes to their positions in the company. Quarry LP raised its position in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the period. Creative Planning increased its stake in Avidity Biosciences by 45.1% during the 2nd quarter. Creative Planning now owns 13,487 shares of the biotechnology company’s stock valued at $551,000 after purchasing an additional 4,190 shares in the last quarter. Algert Global LLC raised its holdings in Avidity Biosciences by 32.5% during the second quarter. Algert Global LLC now owns 42,563 shares of the biotechnology company’s stock worth $1,739,000 after buying an additional 10,443 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Avidity Biosciences by 18.5% during the second quarter. The Manufacturers Life Insurance Company now owns 272,762 shares of the biotechnology company’s stock worth $11,142,000 after buying an additional 42,636 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its stake in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after buying an additional 707,773 shares in 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.