Barclays Initiates Coverage on Avidity Biosciences (NASDAQ:RNA)

Barclays started coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report report published on Wednesday, Marketbeat Ratings reports. The firm issued an overweight rating and a $63.00 price objective on the biotechnology company’s stock.

Other research analysts also recently issued research reports about the stock. Evercore ISI dropped their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an outperform rating on the stock in a research report on Monday. Chardan Capital upped their price objective on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a buy rating in a report on Friday, August 9th. Bank of America raised their target price on Avidity Biosciences from $40.00 to $45.00 and gave the company a buy rating in a research note on Thursday, June 13th. Finally, Needham & Company LLC reiterated a buy rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Tuesday, August 13th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has an average rating of Buy and a consensus price target of $55.86.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $43.63 on Wednesday. Avidity Biosciences has a 1 year low of $4.82 and a 1 year high of $48.80. The business’s 50-day moving average is $43.06 and its 200-day moving average is $31.00. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of -14.79 and a beta of 0.90.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The business had revenue of $2.05 million during the quarter, compared to the consensus estimate 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 anticipate that Avidity Biosciences will post -2.96 EPS for the current year.

Insider Buying and Selling

In other news, Director Arthur A. Levin sold 5,000 shares of the firm’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 transaction, the director now owns 14,830 shares in the company, valued at $670,167.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Arthur A. Levin sold 5,000 shares of the company’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 completion of the sale, the director now owns 14,830 shares in the company, valued at approximately $670,167.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 164,233 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $40.08, for a total transaction of $6,582,458.64. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at $4,493,649.36. The disclosure for this sale can be found here. Insiders have sold 407,478 shares of company stock worth $15,447,440 in the last quarter. Insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of RNA. Quadrant Capital Group LLC boosted its holdings in shares of Avidity Biosciences by 456.9% in 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 last quarter. Quarry LP raised its position in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares during the period. nVerses Capital LLC boosted its stake in Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after acquiring an additional 700 shares during the last quarter. Amalgamated Bank grew its position in shares of 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 during the period. Finally, Nisa Investment Advisors LLC increased its stake in shares of Avidity Biosciences by 32.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $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.