Bank of America Cuts Avidity Biosciences (NASDAQ:RNA) Price Target to $48.00

Avidity Biosciences (NASDAQ:RNA) had its price target trimmed by Bank of America from $51.00 to $48.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other equities analysts have also recently issued reports on RNA. Barclays lowered their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Friday, February 28th. Scotiabank began coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and an average target price of $66.42.

Avidity Biosciences Trading Up 10.2 %

Shares of Avidity Biosciences stock opened at $32.61 on Monday. The company has a 50 day moving average of $30.96 and a 200-day moving average of $38.04. Avidity Biosciences has a 1-year low of $21.56 and a 1-year high of $56.00. The company has a market cap of $3.92 billion, a PE ratio of -11.32 and a beta of 1.02.

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

Insider Transactions at Avidity Biosciences

In related news, Director Arthur A. Levin sold 1,872 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the transaction, the director now directly owns 12,958 shares of the company’s stock, valued at $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 31,855 shares of the 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 in the company, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,138 shares of company stock worth $3,370,532 over the last three months. 3.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its stake in Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after acquiring an additional 689,729 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock valued at $321,127,000 after buying an additional 408,861 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock valued at $274,280,000 after buying an additional 205,027 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock valued at $235,725,000 after buying an additional 1,075,148 shares in the last quarter. Finally, Avoro Capital Advisors LLC lifted its stake in shares of Avidity Biosciences by 9.1% in the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock valued at $218,100,000 after buying an additional 625,000 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.