Cantor Fitzgerald restated their overweight rating on shares of Avidity Biosciences (NASDAQ:RNA – Free Report) in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a $96.00 target price on the biotechnology company’s stock.
Several other analysts also recently issued reports on the stock. HC Wainwright lowered their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Raymond James Financial started coverage on shares of Avidity Biosciences in a research report on Wednesday, June 11th. They issued a “strong-buy” rating and a $65.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Citigroup increased their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, Barclays increased their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Sixteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $65.59.
Check Out Our Latest Report on RNA
Avidity Biosciences Stock Performance
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last posted its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). The business 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, sell-side analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.
Insider Activity
In related news, insider W. Michael Flanagan sold 20,000 shares of the firm’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total transaction of $657,600.00. Following the transaction, the insider now directly owns 80,195 shares in the company, valued at $2,636,811.60. This trade represents a 19.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the transaction, the insider now owns 50,554 shares in the company, valued at $1,406,917.82. This trade represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 38,536 shares of company stock worth $1,229,820. 3.83% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Avidity Biosciences
Several hedge funds and other institutional investors have recently modified their holdings of RNA. Janus Henderson Group PLC boosted its holdings in shares of Avidity Biosciences by 44.1% during the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after acquiring an additional 2,156,844 shares during the period. Boxer Capital Management LLC acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at $50,232,000. Wellington Management Group LLP boosted its holdings in shares of Avidity Biosciences by 19.5% during the first quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company’s stock valued at $285,888,000 after acquiring an additional 1,578,459 shares during the period. T. Rowe Price Investment Management Inc. acquired a new position in shares of Avidity Biosciences during the first quarter valued at $22,765,000. Finally, Norges Bank acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at $21,077,000.
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.
Read More
- Five stocks we like better than Avidity Biosciences
- Stock Sentiment Analysis: How it Works
- EA Just Caught a Monster Upgrade: Bullish Breakout Ahead?
- What Are Growth Stocks and Investing in Them
- 3 Stocks Hitting All-Time Highs With More Room to Run
- The 3 Best Blue-Chip Stocks to Buy Now
- QuantumScape Soars 30%: What Drove the Next-Gen EV Stock’s Rally
Receive News & Ratings for Avidity Biosciences Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avidity Biosciences and related companies with MarketBeat.com's FREE daily email newsletter.