Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $61.00 Average Price Target from Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned an average recommendation of “Buy” from the eight brokerages that are presently covering the stock, MarketBeat reports. Eight analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have issued a report on the stock in the last year is $60.75.

RNA has been the topic of a number of recent research reports. Chardan Capital upped their target price on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Evercore ISI lowered their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Bank of America upped their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Finally, Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the transaction, the insider now directly owns 69,018 shares in the company, valued at approximately $3,036,792. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total value of $1,118,040.00. Following the sale, the chief executive officer now directly owns 205,043 shares in the company, valued at approximately $8,187,366.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the transaction, the insider now directly owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. The disclosure for this sale can be found here. Insiders have sold a total of 128,543 shares of company stock worth $5,543,382 in the last quarter. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Arizona State Retirement System boosted its stake in shares of Avidity Biosciences by 2.1% in the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after purchasing an additional 405 shares during the period. nVerses Capital LLC grew its stake in shares of Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 700 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of Avidity Biosciences by 4.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock worth $541,000 after acquiring an additional 920 shares during the period. Amalgamated Bank raised its stake in shares of Avidity Biosciences by 39.0% in the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after acquiring an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Avidity Biosciences by 32.4% in the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after acquiring an additional 1,076 shares in the last quarter.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $42.17 on Tuesday. The stock’s 50-day simple moving average is $43.68 and its 200-day simple moving average is $34.75. The firm has a market capitalization of $4.03 billion, a PE ratio of -14.29 and a beta of 0.89. Avidity Biosciences has a fifty-two week low of $4.82 and a fifty-two week high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. The business had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. Sell-side analysts forecast that Avidity Biosciences will post -3.01 earnings per share for the current year.

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.