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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been given an average rating of “Buy” by the ten research firms that are covering the company, Marketbeat reports. Ten research analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have issued a report on the stock in the last year is $63.60.

A number of research firms have weighed in on RNA. Evercore ISI reduced 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. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Chardan Capital restated a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price target on the stock.

Insiders Place Their Bets

In other news, insider W. Michael Flanagan sold 24,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total transaction of $858,480.00. Following the completion of the sale, the insider now owns 85,389 shares of the company’s stock, valued at $3,054,364.53. This represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now owns 69,018 shares of the company’s stock, valued at $3,036,792. This trade represents a 16.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 174,866 shares of company stock worth $7,583,037. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently added to or reduced their stakes in the stock. PEAK6 Investments LLC lifted its holdings in Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 343 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after purchasing an additional 405 shares during the last quarter. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences during the 3rd quarter worth $27,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Avidity Biosciences during the 3rd quarter worth $30,000. Finally, Values First Advisors Inc. purchased a new stake in Avidity Biosciences in the 3rd quarter valued at about $32,000.

Avidity Biosciences Trading Down 3.8 %

Shares of NASDAQ:RNA opened at $32.49 on Friday. Avidity Biosciences has a twelve month low of $7.79 and a twelve month high of $56.00. The company has a market cap of $3.88 billion, a PE ratio of -11.28 and a beta of 0.89. The company’s 50 day moving average is $43.72 and its 200 day moving average is $42.08.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities research analysts predict that Avidity Biosciences will post -2.84 earnings per share for the current fiscal year.

Avidity Biosciences Company Profile

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.