Bank of America Issues Pessimistic Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its target price decreased by Bank of America from $51.00 to $48.00 in a research report released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the biotechnology company’s stock.

RNA has been the subject of a number of other research reports. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Scotiabank began coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Friday, January 10th. Chardan Capital restated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Friday, February 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and a consensus price target of $66.42.

Avidity Biosciences Price Performance

RNA opened at $32.61 on Monday. The company’s 50-day moving average is $30.96 and its 200 day moving average is $38.04. Avidity Biosciences has a fifty-two week low of $21.56 and a fifty-two week high of $56.00. The firm has a market capitalization of $3.92 billion, a P/E ratio of -11.32 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. On average, equities research analysts expect that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In other news, Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares in the company, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $33.26, for a total transaction of $831,500.00. Following the completion of the transaction, the insider now owns 94,018 shares of the company’s stock, valued at $3,127,038.68. This trade represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,138 shares of company stock worth $3,370,532 over the last quarter. Corporate insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Large investors have recently modified their holdings of the company. National Bank of Canada FI bought a new position in shares of Avidity Biosciences in the third quarter valued at approximately $27,000. TD Waterhouse Canada Inc. lifted its position in Avidity Biosciences by 646.3% during the fourth 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 during the last quarter. Van ECK Associates Corp bought a new stake in Avidity Biosciences during the fourth quarter valued at approximately $38,000. Quest Partners LLC lifted its position in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in Avidity Biosciences during the fourth quarter valued at approximately $60,000.

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.