Avidity Biosciences, Inc. (NASDAQ:RNA) Given Average Rating of “Buy” by Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA) has been assigned an average recommendation of “Buy” from the eight brokerages that are currently covering the company, Marketbeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $60.75.

A number of equities analysts recently commented on RNA shares. Bank of America raised their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Evercore ISI cut their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Chardan Capital increased their price objective on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $45.01, for a total transaction of $225,050.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at $667,498.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the sale, the chief executive officer now owns 205,043 shares of the company’s stock, valued at $8,187,366.99. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction on Friday, July 19th. The stock was sold at an average price of $45.01, for a total transaction of $225,050.00. Following the completion of the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $667,498.30. The disclosure for this sale can be found here. Insiders have sold a total of 128,543 shares of company stock worth $5,543,382 in the last 90 days. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its holdings in Avidity Biosciences by 7.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock valued at $189,592,000 after buying an additional 516,446 shares during the period. Avoro Capital Advisors LLC lifted its holdings in shares of Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after acquiring an additional 680,000 shares during the last quarter. RA Capital Management L.P. boosted its stake in shares of Avidity Biosciences by 33.7% during the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after purchasing an additional 827,647 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Avidity Biosciences by 4,661.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after purchasing an additional 1,216,730 shares during the period. Finally, D. E. Shaw & Co. Inc. grew its holdings in Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after purchasing an additional 707,773 shares during the last quarter.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $42.33 on Tuesday. The stock has a market cap of $4.65 billion, a PE ratio of -14.35 and a beta of 0.89. The stock has a fifty day moving average of $43.62 and a 200 day moving average of $34.98. Avidity Biosciences has a one year low of $4.82 and a one year high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The company had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. As a group, sell-side analysts predict that Avidity Biosciences will post -3.01 EPS for the current fiscal year.

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.