Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Average Rating of “Buy” from Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned a consensus recommendation of “Buy” from the thirteen analysts that are currently covering the company, MarketBeat.com reports. Thirteen investment analysts have rated the stock with a buy recommendation. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $66.69.

RNA has been the topic of several research analyst reports. Citigroup began coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective on the stock. Bank of America lowered their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Barclays reduced their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Scotiabank began coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Monday.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider W. Michael Flanagan sold 12,742 shares of Avidity Biosciences stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the transaction, the insider now owns 72,647 shares of the company’s stock, valued at $2,372,651.02. The trade was a 14.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Teresa Mccarthy sold 2,959 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $84,597.81. Following the sale, the insider now owns 104,908 shares in the company, valued at approximately $2,999,319.72. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,138 shares of company stock worth $2,539,032. Corporate insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the business. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences during the third quarter worth about $27,000. TD Waterhouse Canada Inc. lifted its position in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares during the last quarter. Van ECK Associates Corp purchased a new position in Avidity Biosciences in the 4th quarter worth approximately $38,000. Headlands Technologies LLC bought a new position in shares of Avidity Biosciences in the 4th quarter worth $60,000. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Avidity Biosciences during the 4th quarter valued at $73,000.

Avidity Biosciences Price Performance

RNA opened at $33.83 on Tuesday. Avidity Biosciences has a fifty-two week low of $21.56 and a fifty-two week high of $56.00. The firm has a market capitalization of $4.07 billion, a P/E ratio of -11.75 and a beta of 1.02. The company’s 50-day moving average is $31.04 and its 200 day moving average is $37.77.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). 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 $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. On average, equities research analysts expect that Avidity Biosciences will post -2.89 earnings per share 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.