Avidity Biosciences’ (RNA) Buy Rating Reaffirmed at Needham & Company LLC

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $60.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 20.07% from the company’s previous close.

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

Avidity Biosciences Trading Down 4.8 %

Shares of RNA stock opened at $49.97 on Wednesday. The firm’s 50 day moving average is $45.04 and its 200 day moving average is $40.01. The stock has a market capitalization of $5.96 billion, a P/E ratio of -17.35 and a beta of 0.91. Avidity Biosciences has a 12 month low of $5.68 and a 12 month high of $56.00.

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

Insider Transactions at Avidity Biosciences

In related news, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction that occurred 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 owns 234,663 shares in the company, valued at $10,325,172. The trade was a 12.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00. Following the transaction, the insider now owns 69,018 shares in the company, valued at $3,036,792. The trade was a 16.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,543 shares of company stock valued at $5,782,042. Insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in the business. FMR LLC grew its stake in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after buying an additional 689,729 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position 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 worth $189,592,000 after acquiring an additional 516,446 shares during the last quarter. Avoro Capital Advisors LLC increased its stake in 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 purchasing an additional 680,000 shares during the period. RA Capital Management L.P. lifted its position in Avidity Biosciences by 33.7% in the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock valued at $83,761,000 after purchasing an additional 827,647 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Avidity Biosciences by 4,661.3% during the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after purchasing an additional 1,216,730 shares during the period.

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.