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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been given a consensus rating of “Buy” by the eleven analysts that are covering the stock, MarketBeat Ratings reports. Eleven analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $64.36.

A number of brokerages recently issued reports on RNA. HC Wainwright assumed coverage on Avidity Biosciences in a research report on Friday, December 20th. They issued a “buy” rating and a $72.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. TD Cowen boosted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th.

Insiders Place Their Bets

In related news, CEO Sarah Boyce sold 31,855 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were 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 owns 265,308 shares in the company, valued at $8,664,959.28. The trade was a 10.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael F. Maclean sold 11,151 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $364,191.66. Following the completion of the sale, the chief financial officer now owns 82,942 shares of the company’s stock, valued at $2,708,885.72. This trade represents a 11.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 193,071 shares of company stock worth $7,474,724. 3.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new position in shares of Avidity Biosciences during the third quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences in the 3rd quarter worth approximately $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences during the 3rd quarter valued at approximately $32,000. Quarry LP raised its stake in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC boosted its holdings in Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares in the last quarter.

Avidity Biosciences Stock Down 0.3 %

Shares of NASDAQ RNA opened at $29.08 on Thursday. The company has a market cap of $3.47 billion, a P/E ratio of -10.10 and a beta of 0.89. Avidity Biosciences has a 52 week low of $8.86 and a 52 week high of $56.00. The business has a 50-day simple moving average of $39.94 and a two-hundred day simple moving average of $42.26.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Equities research analysts anticipate 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.