Avidity Biosciences (NASDAQ:RNA) Price Target Cut to $53.00 by Analysts at Evercore ISI

Avidity Biosciences (NASDAQ:RNA) had its price objective lowered by Evercore ISI from $54.00 to $53.00 in a research note released on Monday, Benzinga reports. The firm currently has an outperform rating on the biotechnology company’s stock.

A number of other brokerages have also recently issued reports on RNA. Chardan Capital boosted their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a buy rating in a research report on Friday, August 9th. Bank of America raised their price target on Avidity Biosciences from $40.00 to $45.00 and gave the stock a buy rating in a research report on Thursday, June 13th. Finally, Needham & Company LLC reissued a buy rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of $54.67.

Avidity Biosciences Price Performance

Shares of RNA opened at $44.18 on Monday. The company’s 50-day moving average is $42.75 and its 200-day moving average is $30.47. The firm has a market capitalization of $4.23 billion, a PE ratio of -14.73 and a beta of 0.90. Avidity Biosciences has a fifty-two week low of $4.82 and a fifty-two week high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The company had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. Analysts predict that Avidity Biosciences will post -2.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $45.19, for a total value of $225,950.00. Following the sale, the director now owns 14,830 shares of the company’s stock, valued at $670,167.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $45.19, for a total value of $225,950.00. Following the sale, the director now directly owns 14,830 shares in the company, valued at $670,167.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $27.42, for a total transaction of $767,760.00. Following the transaction, the chief executive officer now owns 112,117 shares of the company’s stock, valued at approximately $3,074,248.14. The disclosure for this sale can be found here. Insiders have sold a total of 407,478 shares of company stock worth $15,447,440 in the last ninety days. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC raised its stake in Avidity Biosciences by 456.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after buying an additional 2,714 shares during the period. Quarry LP lifted its holdings in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. nVerses Capital LLC grew its holdings in Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after buying an additional 700 shares in the last quarter. Amalgamated Bank lifted its stake in Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after acquiring an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Avidity Biosciences by 32.4% in the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after purchasing an additional 1,076 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.