Avidity Biosciences (NASDAQ:RNA) Given New $68.00 Price Target at HC Wainwright

Avidity Biosciences (NASDAQ:RNA) had its target price cut by equities research analysts at HC Wainwright from $72.00 to $68.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective suggests a potential upside of 143.99% from the company’s current price.

A number of other research firms also recently commented on RNA. 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 research note on Monday, March 10th. Citigroup assumed coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective on the stock. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, May 7th. Barclays dropped their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $66.38.

Avidity Biosciences Trading Down 2.9%

RNA opened at $27.87 on Monday. The company has a fifty day simple moving average of $29.28 and a 200 day simple moving average of $33.32. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of -9.68 and a beta of 1.00. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. On average, analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, CEO Sarah Boyce sold 31,540 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the transaction, the chief executive officer now owns 305,871 shares of the company’s stock, valued at approximately $9,500,353.26. The trade was a 9.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $32.40, for a total transaction of $190,350.00. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at $1,637,949.60. This trade represents a 10.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,803 shares of company stock worth $1,877,437 over the last ninety days. 3.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of RNA. Barclays PLC increased its holdings in Avidity Biosciences by 68.5% in the 3rd quarter. Barclays PLC now owns 255,699 shares of the biotechnology company’s stock valued at $11,743,000 after buying an additional 103,905 shares during the period. Tidal Investments LLC bought a new stake in Avidity Biosciences in the 3rd quarter valued at $407,000. Franklin Resources Inc. increased its holdings in Avidity Biosciences by 229.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock valued at $3,412,000 after buying an additional 50,908 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Avidity Biosciences during the 4th quarter worth approximately $1,179,000. Finally, Aaron Wealth Advisors LLC lifted its position in shares of Avidity Biosciences by 6.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after buying an additional 504 shares during the period.

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.