Avidity Biosciences (NASDAQ:RNA) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a $60.00 target price on the biotechnology company’s stock.

A number of other brokerages have also issued reports on RNA. Evercore ISI lowered their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. TD Cowen upped their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Chardan Capital upped their price objective on shares of Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and an average target price of $63.22.

Avidity Biosciences Trading Up 12.3 %

Shares of RNA opened at $52.50 on Wednesday. The firm has a market capitalization of $6.26 billion, a P/E ratio of -18.23 and a beta of 0.91. Avidity Biosciences has a 12-month low of $5.68 and a 12-month high of $56.00. The firm has a fifty day moving average price of $45.04 and a 200-day moving average price of $40.01.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million during 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%. Analysts predict that Avidity Biosciences will post -2.91 earnings per share for the current year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Teresa Mccarthy sold 13,153 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00. Following the transaction, the insider now owns 69,018 shares in the company, valued at $3,036,792. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the transaction, the director now owns 14,830 shares in the company, valued at approximately $670,167.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,543 shares of company stock valued at $5,782,042. 3.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences during the third quarter valued at about $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences in the 3rd quarter worth approximately $32,000. Quarry LP increased 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 buying an additional 1,700 shares during the period. Quest Partners LLC increased its holdings in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after buying an additional 1,392 shares during the period. Finally, nVerses Capital LLC increased its holdings in Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after buying an additional 700 shares during the period.

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.