Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) Target Price at $65.80

Avidity Biosciences, Inc. (NASDAQ:RNA) has earned a consensus recommendation of “Buy” from the ten research firms that are covering the firm, Marketbeat reports. Ten investment analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have covered the stock in the last year is $65.80.

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

Insider Activity

In related news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $41.14, for a total value of $1,028,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $3,867,900.52. The trade was a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 31,855 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the transaction, the chief executive officer now directly owns 265,308 shares in the company, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 151,586 shares of company stock valued at $5,208,537 over the last 90 days. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNA. New York State Common Retirement Fund raised its stake in shares of Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock valued at $5,374,000 after acquiring an additional 598 shares during the period. State of New Jersey Common Pension Fund D increased its holdings in Avidity Biosciences by 8.1% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 48,536 shares of the biotechnology company’s stock valued at $1,411,000 after purchasing an additional 3,638 shares in the last quarter. Rhumbline Advisers raised its position in Avidity Biosciences by 3.2% in the fourth quarter. Rhumbline Advisers now owns 153,803 shares of the biotechnology company’s stock valued at $4,473,000 after purchasing an additional 4,795 shares during the period. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences during the fourth quarter worth about $38,000. Finally, Legato Capital Management LLC purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth about $301,000.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $32.93 on Monday. The stock’s 50 day moving average price is $33.05 and its 200 day moving average price is $40.63. Avidity Biosciences has a 1-year low of $11.23 and a 1-year high of $56.00. The company has a market cap of $3.93 billion, a PE ratio of -11.43 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results 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 for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities research analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current fiscal 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.