Avidity Biosciences’ (RNA) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research note published on Monday, Benzinga reports. The brokerage currently has a $96.00 price target on the biotechnology company’s stock.

Several other research analysts also recently commented on RNA. Chardan Capital lifted their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a buy rating in a research note on Friday, August 9th. Needham & Company LLC reissued a buy rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Evercore ISI lowered their price target on Avidity Biosciences from $54.00 to $53.00 and set an outperform rating for the company in a research report on Monday, August 26th. Barclays began coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They set an overweight rating and a $63.00 target price on the stock. Finally, Bank of America lifted their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a buy rating in a report on Thursday, June 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of Buy and a consensus price target of $61.00.

Avidity Biosciences Stock Up 5.8 %

Avidity Biosciences stock opened at $44.63 on Monday. The firm has a fifty day simple moving average of $43.79 and a two-hundred day simple moving average of $33.83. Avidity Biosciences has a twelve month low of $4.82 and a twelve month high of $48.80. The company has a market capitalization of $4.27 billion, a PE ratio of -15.13 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The company had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. As a group, equities analysts expect that Avidity Biosciences will post -3.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the sale, the director now owns 14,830 shares in the company, valued at $670,167.70. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $670,167.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the transaction, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at $8,187,366.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,000 shares of company stock valued at $2,782,840. 3.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in RNA. Quadrant Capital Group LLC lifted its position in Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. Quarry LP increased its holdings in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares in the last quarter. nVerses Capital LLC raised its stake in Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 700 shares during the period. Amalgamated Bank lifted its holdings in Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Avidity Biosciences by 32.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after purchasing an additional 1,076 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.