Avidity Biosciences (NASDAQ:RNA) Coverage Initiated by Analysts at BMO Capital Markets

Analysts at BMO Capital Markets began coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $72.00 price target on the biotechnology company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 143.41% from the stock’s previous close.

A number of other equities analysts also recently commented on RNA. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Friday, February 28th. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Bank of America lowered their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday. Finally, HC Wainwright restated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Friday, January 10th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average target price of $66.42.

Avidity Biosciences Trading Down 1.5 %

NASDAQ:RNA opened at $29.58 on Wednesday. Avidity Biosciences has a 1 year low of $20.91 and a 1 year high of $56.00. The firm has a 50 day moving average of $30.89 and a 200-day moving average of $38.08. The stock has a market capitalization of $3.56 billion, a P/E ratio of -10.27 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $1.74 million. As a group, analysts forecast that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Sarah Boyce sold 31,855 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the sale, the chief executive officer now owns 265,308 shares of the company’s stock, valued at $8,664,959.28. The trade was a 10.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the sale, the insider now directly owns 50,554 shares in the company, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,138 shares of company stock worth $3,370,532. 3.68% of the stock is owned by insiders.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of RNA. National Bank of Canada FI purchased a new position in Avidity Biosciences in the 3rd quarter worth approximately $27,000. TD Waterhouse Canada Inc. boosted its stake in shares of Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at $38,000. Headlands Technologies LLC purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at $60,000. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at $73,000.

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.