Avidity Biosciences (NASDAQ:RNA) Price Target Raised to $78.00

Avidity Biosciences (NASDAQ:RNA) had its price objective boosted by TD Cowen from $56.00 to $78.00 in a report published on Monday, Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other equities analysts also recently issued reports on the stock. Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Tuesday, August 13th. The Goldman Sachs Group began coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, Chardan Capital boosted their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 9th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has an average rating of “Buy” and a consensus target price of $62.67.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $45.15 on Monday. Avidity Biosciences has a fifty-two week low of $4.82 and a fifty-two week high of $50.78. The firm has a market cap of $4.96 billion, a P/E ratio of -15.36 and a beta of 0.89. The business’s 50 day moving average price is $44.47 and its 200-day moving average price is $37.77.

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

Insider Transactions at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at $691,522.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $46.63, for a total transaction of $233,150.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at $691,522.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the completion of the transaction, the insider now directly owns 94,018 shares in the company, valued at $4,561,753.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 155,543 shares of company stock valued at $6,995,842. Insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently bought and sold shares of RNA. Arizona State Retirement System raised its stake in Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences in the third quarter worth $30,000. Values First Advisors Inc. purchased a new stake in Avidity Biosciences during the third quarter valued at $32,000. nVerses Capital LLC lifted its holdings in Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after acquiring an additional 700 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its position in Avidity Biosciences by 4.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock worth $541,000 after purchasing an additional 920 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.