Barclays Cuts Avidity Biosciences (NASDAQ:RNA) Price Target to $57.00

Avidity Biosciences (NASDAQ:RNA) had its price target trimmed by Barclays from $63.00 to $57.00 in a report published on Friday,Benzinga reports. The firm currently has an overweight rating on the biotechnology company’s stock.

Several other analysts also recently issued reports on RNA. Chardan Capital reiterated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Friday. Royal Bank of Canada restated an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Friday, January 10th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $65.20.

Avidity Biosciences Stock Performance

RNA opened at $30.64 on Friday. The company has a market cap of $3.66 billion, a PE ratio of -10.64 and a beta of 1.00. The stock has a 50-day moving average of $31.01 and a 200-day moving average of $38.89. Avidity Biosciences has a 52-week low of $16.30 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, research analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the firm’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 value of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares in the company, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the sale, the director now owns 12,958 shares of the company’s stock, valued at $370,598.80. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 129,138 shares of company stock worth $4,229,012. 3.68% of the stock is currently owned by company insiders.

Institutional Trading of Avidity Biosciences

A number of hedge funds have recently modified their holdings of RNA. Creative Planning lifted its position in shares of Avidity Biosciences by 76.5% in the 3rd quarter. Creative Planning now owns 23,806 shares of the biotechnology company’s stock worth $1,093,000 after acquiring an additional 10,319 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences in the 3rd quarter worth approximately $30,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Avidity Biosciences by 48.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,236 shares of the biotechnology company’s stock worth $179,000 after buying an additional 1,381 shares in the last quarter. Fiera Capital Corp acquired a new position in shares of Avidity Biosciences in the 3rd quarter worth approximately $19,805,000. Finally, Assetmark Inc. acquired a new position in shares of Avidity Biosciences in the 3rd quarter worth approximately $566,000.

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.