Avidity Biosciences (NASDAQ:RNA) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a report published on Wednesday,Benzinga reports. The firm currently has a $60.00 price target on the biotechnology company’s stock.

Several other equities research analysts have also commented on RNA. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Evercore ISI decreased their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Chardan Capital increased their target price on Avidity Biosciences from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group started coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Finally, Barclays initiated coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus price target of $63.22.

Avidity Biosciences Trading Up 12.3 %

Shares of NASDAQ:RNA opened at $52.50 on Wednesday. Avidity Biosciences has a twelve month low of $5.68 and a twelve month high of $56.00. The company’s 50 day moving average is $45.04 and its 200 day moving average is $40.01. The company has a market cap of $6.26 billion, a PE ratio of -18.23 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Equities research analysts predict that Avidity Biosciences will post -2.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the sale, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at $10,325,172. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the sale, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at $10,325,172. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,543 shares of company stock worth $5,782,042. Corporate insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Avoro Capital Advisors LLC grew its position in Avidity Biosciences by 132.1% in the 1st quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock valued at $148,654,000 after acquiring an additional 3,315,000 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Avidity Biosciences by 4,661.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after buying an additional 1,216,730 shares during the period. RA Capital Management L.P. lifted its stake in Avidity Biosciences by 33.7% during the first 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 last quarter. D. E. Shaw & Co. Inc. lifted its stake in Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after purchasing an additional 707,773 shares during the last quarter. Finally, FMR LLC lifted its stake in Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after purchasing an additional 689,729 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.