Avidity Biosciences (NASDAQ:RNA) Price Target Raised to $59.00

Avidity Biosciences (NASDAQ:RNA) had its target price raised by JPMorgan Chase & Co. from $57.00 to $59.00 in a report issued on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biotechnology company’s stock.

Several other brokerages also recently weighed in on RNA. Chardan Capital lifted their price target on shares of Avidity Biosciences from $65.00 to $75.00 and gave the company a “buy” rating in a report on Monday. Citigroup began coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price on the stock. BMO Capital Markets began coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price on the stock. HC Wainwright lowered their target price on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, April 9th. Fourteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $67.33.

Avidity Biosciences Stock Up 0.4%

Shares of NASDAQ RNA opened at $32.14 on Tuesday. The firm’s 50-day moving average price is $29.84 and its 200-day moving average price is $31.26. The company has a market cap of $3.87 billion, a PE ratio of -11.16 and a beta of 0.95. Avidity Biosciences has a 52-week low of $21.51 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). The business had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, equities research analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Sarah Boyce sold 31,540 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 transaction of $979,632.40. Following the completion of the transaction, the chief executive officer now directly owns 305,871 shares of the company’s stock, valued at $9,500,353.26. The trade was a 9.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the completion of the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,406,917.82. The trade was a 10.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,678 shares of company stock worth $2,725,857 in the last three months. Corporate insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNA. Y Intercept Hong Kong Ltd acquired a new stake in Avidity Biosciences during the 4th quarter worth $386,000. Vanguard Group Inc. boosted its stake in Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after purchasing an additional 205,027 shares during the last quarter. Parallel Advisors LLC boosted its stake 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 last quarter. Bank of New York Mellon Corp boosted its stake in Avidity Biosciences by 19.5% during the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company’s stock worth $10,557,000 after purchasing an additional 59,295 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Avidity Biosciences during the 4th quarter worth $5,784,000.

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.