JPMorgan Chase & Co. Issues Positive Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its target price hoisted by equities research analysts at JPMorgan Chase & Co. from $57.00 to $59.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the biotechnology company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 84.32% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Citigroup initiated coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price on the stock. Chardan Capital lifted their price target on Avidity Biosciences from $65.00 to $75.00 and gave the company a “buy” rating in a report on Monday. Bank of America lifted their price target on Avidity Biosciences from $48.00 to $54.00 and gave the company a “buy” rating in a report on Monday. Finally, HC Wainwright reduced their price target on Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Fourteen 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 company presently has a consensus rating of “Buy” and an average price target of $67.33.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $32.01 on Tuesday. The firm has a market capitalization of $3.86 billion, a PE ratio of -11.11 and a beta of 0.95. The business has a 50-day moving average of $29.71 and a two-hundred day moving average of $31.35. Avidity Biosciences has a 12 month low of $21.51 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. As a group, research analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $32.48, for a total value of $190,820.00. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at $1,641,993.92. This trade represents a 10.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sarah Boyce sold 31,540 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the transaction, the chief executive officer now owns 305,871 shares in the company, valued at $9,500,353.26. This represents a 9.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,678 shares of company stock worth $2,068,257. Insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in Avidity Biosciences by 2.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company’s stock worth $334,701,000 after acquiring an additional 295,275 shares during the last quarter. Wellington Management Group LLP lifted its holdings in 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 worth $285,888,000 after acquiring an additional 1,578,459 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after acquiring an additional 205,027 shares in the last quarter. Avoro Capital Advisors LLC lifted its holdings in Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock worth $218,100,000 after acquiring an additional 625,000 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in 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 worth $205,134,000 after acquiring an additional 2,156,844 shares in 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.