Avidity Biosciences (NASDAQ:RNA) Price Target Lowered to $57.00 at Barclays

Avidity Biosciences (NASDAQ:RNA) had its price target cut by Barclays from $63.00 to $57.00 in a report issued on Friday,Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

Several other brokerages have also weighed in on RNA. HC Wainwright restated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Friday, January 10th. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Friday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $65.20.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $30.64 on Friday. The firm has a market capitalization of $3.66 billion, a PE ratio of -10.64 and a beta of 1.00. The stock has a fifty day moving average of $31.01 and a two-hundred day moving average of $38.89. Avidity Biosciences has a 1 year low of $16.30 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities research analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the transaction, the chief executive officer now directly owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. The trade was a 10.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 129,138 shares of company stock valued at $4,229,012. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Lord Abbett & CO. LLC increased its position in Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after purchasing an additional 124,867 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Avidity Biosciences by 24.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after purchasing an additional 197,065 shares during the last quarter. RA Capital Management L.P. increased its position in Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after purchasing an additional 900,000 shares during the last quarter. FMR LLC increased its position in Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after purchasing an additional 689,729 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Avidity Biosciences in the 3rd quarter worth about $762,000.

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.