Avidity Biosciences (NASDAQ:RNA) Now Covered by Analysts at Bank of America

Bank of America initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note released on Friday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $40.00 price target on the biotechnology company’s stock.

Other equities analysts also recently issued research reports about the stock. Chardan Capital reissued a buy rating and issued a $23.00 target price on shares of Avidity Biosciences in a research note on Thursday, February 29th. Needham & Company LLC reissued a buy rating and issued a $35.00 target price on shares of Avidity Biosciences in a research note on Thursday, April 11th. Finally, Cantor Fitzgerald started coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They issued an overweight rating and a $60.00 target price on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of Buy and a consensus target price of $36.86.

Avidity Biosciences Price Performance

NASDAQ:RNA traded up $0.87 during trading hours on Friday, reaching $26.45. 641,653 shares of the company were exchanged, compared to its average volume of 853,795. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -9.12 and a beta of 0.79. Avidity Biosciences has a 52-week low of $4.82 and a 52-week high of $27.66. The stock has a 50 day simple moving average of $23.26 and a 200 day simple moving average of $13.92.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). The company had revenue of $2.19 million for the quarter, compared to analysts’ expectations of $32.08 million. Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. On average, analysts predict that Avidity Biosciences will post -3.07 EPS for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $22.63, for a total transaction of $633,640.00. Following the completion of the transaction, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at approximately $2,537,207.71. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $22.63, for a total transaction of $633,640.00. Following the completion of the transaction, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at approximately $2,537,207.71. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Arthur A. Levin sold 27,641 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total transaction of $608,931.23. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $326,704.90. The disclosure for this sale can be found here. Insiders have sold 204,641 shares of company stock valued at $4,676,431 in the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC boosted its holdings in shares of Avidity Biosciences by 1.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company’s stock valued at $546,000 after buying an additional 1,030 shares during the period. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Avidity Biosciences by 2.5% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock valued at $1,862,000 after buying an additional 1,777 shares during the period. Alps Advisors Inc. boosted its holdings in shares of Avidity Biosciences by 5.1% in the 3rd quarter. Alps Advisors Inc. now owns 54,730 shares of the biotechnology company’s stock valued at $349,000 after buying an additional 2,674 shares during the period. Quadrant Capital Group LLC boosted its holdings in shares of Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after buying an additional 2,714 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 3,180 shares during the period.

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.