Avidity Biosciences (NASDAQ:RNA) Research Coverage Started at The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report released on Tuesday morning, Marketbeat.com reports. The firm issued a buy rating and a $59.00 target price on the biotechnology company’s stock.

Several other equities analysts have also issued reports on RNA. Evercore ISI decreased their price target 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 lifted their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company a buy rating in a research note on Thursday, June 13th. Cantor Fitzgerald reiterated an overweight rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Needham & Company LLC reiterated a buy rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Finally, Chardan Capital lifted their price target on Avidity Biosciences from $45.00 to $60.00 and gave the company a buy rating in a research note on Friday, August 9th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of Buy and a consensus target price of $60.75.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $42.33 on Tuesday. The stock’s fifty day moving average price is $43.62 and its two-hundred day moving average price is $34.89. Avidity Biosciences has a one year low of $4.82 and a one year high of $48.80.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Avoro Capital Advisors LLC raised its stake in Avidity Biosciences by 132.1% during the 1st quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after buying an additional 3,315,000 shares during the period. Janus Henderson Group PLC raised its stake in Avidity Biosciences by 4,661.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after buying an additional 1,216,730 shares during the period. RA Capital Management L.P. raised its stake in Avidity Biosciences by 33.7% during the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after buying an additional 827,647 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after purchasing an additional 707,773 shares in the last quarter. Finally, Farallon Capital Management LLC bought a new stake in Avidity Biosciences during the 1st quarter worth approximately $15,467,000.

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.