Bank of America Has Lowered Expectations for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its target price reduced by equities researchers at Bank of America from $51.00 to $48.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s price objective would suggest a potential upside of 59.25% from the company’s current price.

Several other equities research analysts have also recently commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Friday, February 28th. Barclays cut their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Friday, January 10th. Finally, Scotiabank started coverage on Avidity Biosciences in a research note on Friday. They set a “sector outperform” rating and a $70.00 target price for the company. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $65.91.

Avidity Biosciences Price Performance

Shares of RNA stock traded down $0.15 during trading hours on Monday, hitting $30.14. The stock had a trading volume of 351,367 shares, compared to its average volume of 1,315,695. The stock’s 50 day moving average is $30.86 and its 200 day moving average is $38.27. The firm has a market capitalization of $3.62 billion, a PE ratio of -10.48 and a beta of 1.02. Avidity Biosciences has a twelve month low of $20.80 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS 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 business had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. As a group, equities 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 W. Michael Flanagan sold 24,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total value of $858,480.00. Following the sale, the insider now owns 85,389 shares of the company’s stock, valued at $3,054,364.53. This represents a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. This represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 129,138 shares of company stock worth $4,229,012. 3.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. National Bank of Canada FI purchased a new position in Avidity Biosciences during the third quarter worth $27,000. TD Waterhouse Canada Inc. boosted its stake in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 866 shares during the last quarter. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $38,000. Headlands Technologies LLC acquired a new stake in Avidity Biosciences during the fourth quarter worth approximately $60,000. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Avidity Biosciences during the 4th quarter worth $73,000.

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.