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

Needham & Company LLC reiterated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a report published on Thursday, Benzinga reports. They currently have a $60.00 price objective on the biotechnology company’s stock.

A number of other equities analysts also recently weighed in on RNA. Evercore ISI dropped their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. TD Cowen boosted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Barclays initiated coverage on Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences currently has an average rating of “Buy” and an average target price of $63.22.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $41.87 on Thursday. Avidity Biosciences has a 52 week low of $5.04 and a 52 week high of $50.78. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of -14.24 and a beta of 0.91. The company has a 50 day moving average price of $44.39 and a 200 day moving average price of $38.71.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.11. The business had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. Equities analysts forecast that Avidity Biosciences will post -2.99 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the sale, the chief executive officer now directly owns 205,043 shares in the company, valued at approximately $8,888,614.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the completion of the transaction, the chief executive officer now owns 205,043 shares in the company, valued at $8,888,614.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Teresa Mccarthy sold 13,153 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were 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 in the company, valued at approximately $3,036,792. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 155,543 shares of company stock worth $6,995,842. 3.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in the company. Privium Fund Management B.V. boosted its position in Avidity Biosciences by 15.1% in the third quarter. Privium Fund Management B.V. now owns 25,600 shares of the biotechnology company’s stock valued at $1,176,000 after buying an additional 3,358 shares in the last quarter. Assetmark Inc. acquired a new stake in Avidity Biosciences in the third quarter worth about $566,000. Fiera Capital Corp bought a new stake in shares of Avidity Biosciences during the third quarter worth approximately $19,805,000. China Universal Asset Management Co. Ltd. raised its position in shares of Avidity Biosciences by 100.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 22,526 shares of the biotechnology company’s stock valued at $1,035,000 after acquiring an additional 11,291 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Avidity Biosciences by 48.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,236 shares of the biotechnology company’s stock valued at $179,000 after buying an additional 1,381 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.