Avidity Biosciences (NASDAQ:RNA) Earns Outperform Rating from Analysts at BMO Capital Markets

BMO Capital Markets began coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note issued to investors on Wednesday, Marketbeat reports. The firm issued an outperform rating and a $72.00 target price on the biotechnology company’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Scotiabank started coverage on Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective on the stock. Barclays decreased their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Bank of America reduced their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $66.69.

Avidity Biosciences Trading Down 3.2 %

Avidity Biosciences stock opened at $31.11 on Wednesday. Avidity Biosciences has a 12 month low of $21.56 and a 12 month high of $56.00. The stock’s 50 day simple moving average is $30.99 and its two-hundred day simple moving average is $37.91. The firm has a market cap of $3.74 billion, a PE ratio of -10.80 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) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. On average, equities research analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 31,855 shares of the business’s stock in a transaction dated 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 completion of 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $33.26, for a total value of $831,500.00. Following the transaction, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $3,127,038.68. This represents a 21.01 % 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 valued at $3,370,532 in the last three months. 3.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNA. Assetmark Inc. purchased a new stake in Avidity Biosciences in the third quarter valued at approximately $566,000. Axxcess Wealth Management LLC purchased a new stake in shares of Avidity Biosciences during the third quarter worth approximately $283,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of Avidity Biosciences during the third quarter worth approximately $2,062,000. Los Angeles Capital Management LLC purchased a new stake in shares of Avidity Biosciences during the third quarter worth approximately $660,000. Finally, Victory Capital Management Inc. raised its stake in shares of Avidity Biosciences by 52.1% during the third quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock worth $1,524,000 after purchasing an additional 11,367 shares during 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.