Avidity Biosciences (NASDAQ:RNA – Get Rating) had its target price reduced by analysts at Needham & Company LLC from $50.00 to $35.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price target suggests a potential upside of 109.83% from the company’s previous close.
RNA has been the subject of several other reports. Chardan Capital reduced their price objective on Avidity Biosciences from $29.00 to $27.00 and set a “buy” rating for the company in a research note on Tuesday. Raymond James started coverage on shares of Avidity Biosciences in a research report on Monday, July 11th. They set a “strong-buy” rating and a $29.00 price target on the stock. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $40.60.
Avidity Biosciences Stock Performance
RNA traded down $2.07 during trading on Tuesday, hitting $16.68. 106,732 shares of the stock were exchanged, compared to its average volume of 342,313. The firm has a 50 day simple moving average of $19.85 and a 200 day simple moving average of $17.10. Avidity Biosciences has a 1 year low of $10.89 and a 1 year high of $29.25. The firm has a market cap of $869.53 million, a price-to-earnings ratio of -5.33 and a beta of 0.88.
Avidity Biosciences (NASDAQ:RNA – Get Rating) last announced its earnings results on Tuesday, August 9th. The biotechnology company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($0.18). Avidity Biosciences had a negative net margin of 1,849.49% and a negative return on equity of 38.72%. The business had revenue of $2.18 million for the quarter, compared to analyst estimates of $2.29 million. As a group, equities analysts anticipate that Avidity Biosciences will post -3.53 earnings per share for the current fiscal year.
Insider Buying and Selling at Avidity Biosciences
In other Avidity Biosciences news, insider Arthur A. Levin sold 62,498 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $22.12, for a total value of $1,382,455.76. Following the transaction, the insider now directly owns 1,330 shares in the company, valued at approximately $29,419.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Sarah Boyce sold 14,855 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $23.07, for a total transaction of $342,704.85. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Arthur A. Levin sold 62,498 shares of the company’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $22.12, for a total value of $1,382,455.76. Following the sale, the insider now owns 1,330 shares in the company, valued at approximately $29,419.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,456 shares of company stock worth $2,035,474. Insiders own 6.60% of the company’s stock.
Institutional Investors Weigh In On Avidity Biosciences
Institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc increased its position in shares of Avidity Biosciences by 3.9% during the second quarter. Legal & General Group Plc now owns 19,441 shares of the biotechnology company’s stock worth $282,000 after purchasing an additional 725 shares in the last quarter. Walleye Capital LLC lifted its position in Avidity Biosciences by 95.0% during the 2nd quarter. Walleye Capital LLC now owns 272,306 shares of the biotechnology company’s stock worth $3,957,000 after acquiring an additional 132,671 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Avidity Biosciences by 50.4% in the second quarter. Goldman Sachs Group Inc. now owns 183,283 shares of the biotechnology company’s stock valued at $2,663,000 after acquiring an additional 61,391 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Avidity Biosciences during the 2nd quarter worth $666,000. Finally, State Street Corp grew its holdings in shares of Avidity Biosciences by 11.9% in the 2nd quarter. State Street Corp now owns 1,837,675 shares of the biotechnology company’s stock worth $26,701,000 after acquiring an additional 195,808 shares during the period.
Avidity Biosciences Company Profile
Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company’s lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.
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