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

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

RNA has been the topic of a number of other reports. Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a research report on Thursday, March 14th. They set an overweight rating and a $60.00 target price on the stock. Needham & Company LLC restated a buy rating and set a $35.00 target price on shares of Avidity Biosciences in a research report on Thursday, April 11th. Finally, Chardan Capital reiterated a buy rating and issued a $23.00 price target on shares of Avidity Biosciences in a research report on Thursday, February 29th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of Buy and a consensus price target of $36.86.

Avidity Biosciences Stock Up 3.4 %

NASDAQ:RNA traded up $0.87 during mid-day trading on Friday, reaching $26.45. 641,653 shares of the company were exchanged, compared to its average volume of 853,795. Avidity Biosciences has a 12 month low of $4.82 and a 12 month high of $27.66. The company has a fifty day moving average of $23.26 and a 200 day moving average of $13.92. The stock has a market cap of $2.53 billion, a PE ratio of -9.12 and a beta of 0.79.

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

Insider Buying and Selling

In other Avidity Biosciences news, Director Arthur A. Levin sold 27,641 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $22.03, for a total value of $608,931.23. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at $326,704.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $22.63, for a total value of $633,640.00. Following the transaction, the chief executive officer now owns 112,117 shares of the company’s stock, valued at $2,537,207.71. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Arthur A. Levin sold 27,641 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $22.03, for a total transaction of $608,931.23. Following the completion of the sale, the director now owns 14,830 shares in the company, 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 90 days. 2.00% of the stock is owned by insiders.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in RNA. Raymond James & Associates raised its holdings in shares of Avidity Biosciences by 11.8% in the third quarter. Raymond James & Associates now owns 93,255 shares of the biotechnology company’s stock valued at $595,000 after purchasing an additional 9,815 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Avidity Biosciences by 33.4% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 34,772 shares of the biotechnology company’s stock valued at $222,000 after purchasing an additional 8,700 shares during the last quarter. TD Asset Management Inc increased its holdings in Avidity Biosciences by 100.0% during the third quarter. TD Asset Management Inc now owns 267,732 shares of the biotechnology company’s stock worth $1,708,000 after buying an additional 133,866 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in Avidity Biosciences by 89.5% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 66,220 shares of the biotechnology company’s stock worth $422,000 after buying an additional 31,277 shares during the last quarter. Finally, Nwam LLC increased its holdings in Avidity Biosciences by 16.0% during the third quarter. Nwam LLC now owns 35,693 shares of the biotechnology company’s stock worth $228,000 after buying an additional 4,928 shares during the last quarter.

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.