Bank of America Issues Pessimistic Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its price target cut by equities research analysts at Bank of America from $51.00 to $48.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s target price points to a potential upside of 62.27% from the stock’s current price.

RNA has been the subject of several other research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. HC Wainwright reissued a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Friday, January 10th. Scotiabank assumed coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Friday, February 28th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $65.91.

Avidity Biosciences Price Performance

Shares of RNA opened at $29.58 on Monday. The firm has a market cap of $3.56 billion, a P/E ratio of -10.27 and a beta of 1.02. The stock has a 50 day simple moving average of $30.89 and a two-hundred day simple moving average of $38.08. Avidity Biosciences has a 1 year low of $20.91 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) 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 analysts’ expectations of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael F. Maclean sold 3,287 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the transaction, the chief financial officer now owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their position. 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 quarter. 3.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new position in Avidity Biosciences in the third quarter worth $27,000. TD Waterhouse Canada Inc. raised its holdings in Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 866 shares in the last quarter. Van ECK Associates Corp bought a new position in Avidity Biosciences in the fourth quarter worth $38,000. Quest Partners LLC raised its holdings in Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Avidity Biosciences in the fourth quarter worth $60,000.

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.