Avidity Biosciences (NASDAQ:RNA) Earns Buy Rating from Analysts at Bank of America

Bank of America initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note released on Friday, Marketbeat reports. The brokerage issued a buy rating and a $40.00 price target on the biotechnology company’s stock.

RNA has been the topic of several other research reports. Needham & Company LLC reissued a buy rating and set a $35.00 price target on shares of Avidity Biosciences in a research report on Thursday, April 11th. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research report on Thursday, March 14th. They set an overweight rating and a $60.00 price target on the stock. Finally, Chardan Capital reissued a buy rating and set a $23.00 price target on shares of Avidity Biosciences in a research report on Thursday, February 29th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of Buy and an average price target of $36.86.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $26.45 on Friday. The firm has a market cap of $2.53 billion, a PE ratio of -9.12 and a beta of 0.79. The firm has a fifty day moving average of $23.26 and a 200 day moving average of $14.04. Avidity Biosciences has a one year low of $4.82 and a one year high of $27.66.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. The business had revenue of $2.19 million for the quarter, compared to analysts’ expectations of $32.08 million. On average, equities analysts predict that Avidity Biosciences will post -3.07 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 84,000 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at $2,398,182.63. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Sarah Boyce sold 84,000 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at $2,398,182.63. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 27,641 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total transaction of $608,931.23. Following the transaction, the director now owns 14,830 shares in the company, valued at $326,704.90. The disclosure for this sale can be found here. Insiders have sold 204,641 shares of company stock worth $4,676,431 over the last three months. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. increased its stake in Avidity Biosciences by 73.3% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,300,000 shares of the biotechnology company’s stock valued at $8,294,000 after buying an additional 550,000 shares during the period. Vanguard Group Inc. increased its stake in Avidity Biosciences by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock valued at $25,612,000 after buying an additional 47,305 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Avidity Biosciences by 301.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 166,019 shares of the biotechnology company’s stock valued at $1,502,000 after buying an additional 124,633 shares during the period. FMR LLC increased its stake in Avidity Biosciences by 4.6% in the 3rd quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock valued at $70,910,000 after buying an additional 491,567 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Avidity Biosciences by 149.1% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company’s stock valued at $784,000 after buying an additional 51,839 shares during the period.

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.