Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have received an average recommendation of “Buy” from the ten ratings firms that are currently covering the company, MarketBeat reports. Ten equities research analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $65.80.

Several research analysts have issued reports on the company. HC Wainwright restated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Friday, January 10th. TD Cowen increased their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Chardan Capital reissued a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st.

Insider Transactions at Avidity Biosciences

In related news, Director Arthur A. Levin sold 3,323 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at $624,639.60. The trade was a 18.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Teresa Mccarthy sold 2,959 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the sale, the insider now directly owns 104,908 shares of the company’s stock, valued at $2,999,319.72. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 151,586 shares of company stock valued at $5,208,537. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. National Bank of Canada FI purchased a new position in Avidity Biosciences in the 3rd quarter worth $27,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences in the third quarter valued at about $30,000. Values First Advisors Inc. purchased a new position in shares of Avidity Biosciences in the third quarter worth about $32,000. Quarry LP lifted its holdings in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the period. Finally, Quest Partners LLC boosted its position in Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after buying an additional 1,392 shares during the last quarter.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $29.67 on Monday. The stock has a 50 day moving average price of $34.13 and a 200-day moving average price of $41.02. Avidity Biosciences has a one year low of $10.27 and a one year high of $56.00. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of -10.30 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Sell-side analysts predict that Avidity Biosciences will post -2.89 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.