Needham & Company LLC Reiterates Buy Rating for Avidity Biosciences (NASDAQ:RNA)

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They presently have a $60.00 price objective on the biotechnology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 20.07% from the company’s current price.

Several other brokerages also recently commented on RNA. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective for the company. TD Cowen lifted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Barclays began coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Finally, Chardan Capital increased their price target on Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $63.22.

Avidity Biosciences Stock Down 4.8 %

Shares of NASDAQ RNA opened at $49.97 on Wednesday. The company has a market capitalization of $5.96 billion, a PE ratio of -17.35 and a beta of 0.91. Avidity Biosciences has a twelve month low of $5.68 and a twelve month high of $56.00. The firm has a fifty day simple moving average of $45.04 and a 200 day simple moving average of $40.01.

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

Insiders Place Their Bets

In other news, insider Teresa Mccarthy sold 13,153 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 $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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction on Monday, October 21st. The stock was sold at an average price of $46.63, for a total value of $233,150.00. Following the sale, the director now owns 14,830 shares in the company, valued at $691,522.90. This trade represents a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,543 shares of company stock valued at $5,782,042 in the last three months. 3.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences in the third quarter worth about $30,000. Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $32,000. Quarry LP raised its holdings in shares of Avidity Biosciences by 566.7% in the 2nd 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. Quest Partners LLC lifted its stake 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 purchasing an additional 1,392 shares during the last quarter. Finally, nVerses Capital LLC grew its holdings in Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 shares during the period.

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.