Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) Target Price at $61.00

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given an average rating of “Buy” by the eight ratings firms that are presently covering the company, MarketBeat Ratings reports. Eight analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $60.75.

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

Avidity Biosciences Stock Up 0.4 %

Shares of NASDAQ RNA opened at $42.33 on Tuesday. The company has a market capitalization of $4.65 billion, a PE ratio of -14.35 and a beta of 0.89. The firm has a fifty day simple moving average of $43.62 and a 200 day simple moving average of $34.98. Avidity Biosciences has a twelve month low of $4.82 and a twelve month 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. The firm 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%. As a group, equities analysts expect that Avidity Biosciences will post -3.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $45.01, for a total value of $225,050.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at $667,498.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $45.01, for a total value of $225,050.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $667,498.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total value of $1,213,800.00. Following the sale, the chief executive officer now owns 205,043 shares in the company, valued at $8,888,614.05. The disclosure for this sale can be found here. Insiders sold 128,543 shares of company stock valued at $5,543,382 in the last quarter. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently modified their holdings of the stock. Quarry LP raised its holdings in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. nVerses Capital LLC boosted its position in shares of Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after buying an additional 700 shares during the last quarter. Amalgamated Bank increased its holdings in Avidity Biosciences by 39.0% in the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after buying an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in Avidity Biosciences by 32.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after buying an additional 1,076 shares during the last quarter.

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.