Evercore ISI Boosts Avidity Biosciences (NASDAQ:RNA) Price Target to $54.00

Avidity Biosciences (NASDAQ:RNA) had its price objective raised by Evercore ISI from $45.00 to $54.00 in a research report report published on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the biotechnology company’s stock.

RNA has been the topic of a number of other research reports. Needham & Company LLC restated a buy rating and issued a $35.00 price target on shares of Avidity Biosciences in a research report on Monday, June 10th. Bank of America upped their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a buy rating in a research report on Thursday, June 13th. Finally, Chardan Capital lifted their price objective on Avidity Biosciences from $45.00 to $60.00 and gave the stock a buy rating in a research report on Friday, August 9th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has an average rating of Buy and an average target price of $54.83.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $42.85 on Monday. The business has a 50 day moving average of $41.04 and a 200-day moving average of $28.75. The company has a market capitalization of $4.10 billion, a P/E ratio of -14.53 and a beta of 0.90. Avidity Biosciences has a 1 year low of $4.82 and a 1 year high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 40.96%. The company had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Equities analysts anticipate that Avidity Biosciences will post -3.15 EPS for the current year.

Insider Transactions at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $29.90, for a total transaction of $149,500.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $443,417. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Avidity Biosciences news, CEO Sarah Boyce sold 164,233 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.08, for a total transaction of $6,582,458.64. Following the sale, the chief executive officer now owns 112,117 shares in the company, valued at $4,493,649.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction on Monday, May 20th. The shares were sold at an average price of $29.90, for a total value of $149,500.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at $443,417. The disclosure for this sale can be found here. Insiders have sold 407,478 shares of company stock valued at $15,370,990 in the last 90 days. 3.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently bought and sold shares of the company. Arizona State Retirement System increased its stake in Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after acquiring an additional 405 shares during the last quarter. nVerses Capital LLC lifted its holdings in shares of Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 700 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in Avidity Biosciences by 4.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after acquiring an additional 920 shares during the last quarter. Amalgamated Bank raised its position in Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in Avidity Biosciences by 1.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company’s stock worth $546,000 after purchasing an additional 1,030 shares during the last quarter.

About Avidity Biosciences

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.