Avidity Biosciences (NASDAQ:RNA) Research Coverage Started at Sanford C. Bernstein

Sanford C. Bernstein initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note released on Tuesday, Marketbeat reports. The firm issued an outperform rating and a $50.00 price objective on the biotechnology company’s stock.

RNA has been the subject of a number of other reports. Wolfe Research assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They set an “outperform” rating and a $55.00 price target for the company. HC Wainwright dropped their price target on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, May 12th. Citigroup boosted their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Chardan Capital boosted their price target on shares of Avidity Biosciences from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 10th. Sixteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and an average target price of $65.59.

Avidity Biosciences Stock Down 0.2%

Shares of NASDAQ RNA opened at $29.83 on Tuesday. The firm’s 50-day simple moving average is $30.72 and its 200 day simple moving average is $30.53. The company has a market cap of $3.60 billion, a price-to-earnings ratio of -9.94 and a beta of 0.95. Avidity Biosciences has a 12-month low of $21.51 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative return on equity of 26.96% and a negative net margin of 4,136.00%. On average, equities analysts expect that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 911 shares of the business’s stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $30.24, for a total transaction of $27,548.64. Following the transaction, the insider now directly owns 50,392 shares in the company, valued at $1,523,854.08. The trade was a 1.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider W. Michael Flanagan sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the sale, the insider now directly owns 80,195 shares of the company’s stock, valued at approximately $2,636,811.60. The trade was a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,536 shares of company stock valued at $1,229,820. 3.83% of the stock is owned by insiders.

Institutional Trading of Avidity Biosciences

A number of hedge funds have recently made changes to their positions in the business. TD Waterhouse Canada Inc. increased its stake in shares of Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 866 shares during the period. Van ECK Associates Corp bought a new stake in shares of Avidity Biosciences during the 4th quarter worth $38,000. Parallel Advisors LLC grew its position in Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after acquiring an additional 515 shares during the last quarter. Headlands Technologies LLC bought a new stake in Avidity Biosciences during the 4th quarter worth $60,000. Finally, GF Fund Management CO. LTD. bought a new stake in Avidity Biosciences during the 4th quarter worth $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.