Avidity Biosciences, Inc. (NASDAQ:RNA) Given Consensus Rating of “Buy” by Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA) has been assigned an average recommendation of “Buy” from the ten ratings firms that are currently covering the company, Marketbeat reports. Ten investment analysts have rated the stock with a buy rating. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $65.80.

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

Insider Activity

In related news, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the sale, the director now owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $41.14, for a total value of $1,028,500.00. Following the completion of the transaction, the insider now owns 94,018 shares of the company’s stock, valued at $3,867,900.52. The trade was a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 151,586 shares of company stock worth $5,208,537 in the last three months. Company insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Amalgamated Bank grew its position in shares of Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares in the last quarter. Sei Investments Co. grew its holdings in Avidity Biosciences by 19.3% during the 2nd quarter. Sei Investments Co. now owns 43,721 shares of the biotechnology company’s stock valued at $1,786,000 after buying an additional 7,086 shares in the last quarter. Xponance Inc. purchased a new stake in shares of Avidity Biosciences during the 2nd quarter worth approximately $262,000. Marshall Wace LLP boosted its position in shares of Avidity Biosciences by 9.7% during the 2nd quarter. Marshall Wace LLP now owns 111,770 shares of the biotechnology company’s stock valued at $4,566,000 after acquiring an additional 9,906 shares during the last quarter. Finally, Squarepoint Ops LLC grew its holdings in shares of Avidity Biosciences by 81.1% in the second quarter. Squarepoint Ops LLC now owns 115,508 shares of the biotechnology company’s stock valued at $4,719,000 after purchasing an additional 51,743 shares in the last quarter.

Avidity Biosciences Trading Down 1.5 %

Shares of RNA opened at $29.67 on Monday. Avidity Biosciences has a 12 month low of $10.27 and a 12 month high of $56.00. The business’s fifty day simple moving average is $34.13 and its two-hundred day simple moving average is $41.02. The company 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 released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million during 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%. As a group, research analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

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.