Avidity Biosciences’ (RNA) Overweight Rating Reiterated at Cantor Fitzgerald

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They presently have a $96.00 price objective on the biotechnology company’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 132.28% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Bank of America lifted their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Barclays started coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Evercore ISI decreased their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Chardan Capital raised their price objective on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Tuesday, August 13th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $61.00.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded down $0.38 during midday trading on Monday, reaching $41.33. 390,976 shares of the company’s stock were exchanged, compared to its average volume of 1,306,362. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of -14.02 and a beta of 0.89. The firm’s 50 day simple moving average is $43.65 and its two-hundred day simple moving average is $33.43. Avidity Biosciences has a fifty-two week low of $4.82 and a fifty-two week high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. Equities research analysts predict that Avidity Biosciences will post -3.01 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $37.59, for a total transaction of $187,950.00. Following the completion of the sale, the director now directly owns 14,830 shares of the company’s stock, valued at $557,459.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $37.59, for a total transaction of $187,950.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at approximately $557,459.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the completion of the transaction, the chief executive officer now directly owns 205,043 shares in the company, valued at approximately $8,888,614.05. The disclosure for this sale can be found here. Insiders have sold 71,000 shares of company stock worth $2,970,790 over the last 90 days. 3.68% of the stock is owned by company insiders.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP raised its stake in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares during the last quarter. Creative Planning boosted its stake in shares of 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 buying an additional 4,190 shares during the last quarter. Algert Global LLC boosted its stake in shares of Avidity Biosciences by 32.5% during the 2nd quarter. Algert Global LLC now owns 42,563 shares of the biotechnology company’s stock valued at $1,739,000 after buying an additional 10,443 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Avidity Biosciences by 18.5% in 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 period. Finally, D. E. Shaw & Co. Inc. increased its holdings in shares of Avidity Biosciences by 2,263.7% during 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 purchasing an additional 707,773 shares during the period.

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.