Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Average Rating of “Buy” from Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned an average rating of “Buy” from the ten research firms that are covering the company, MarketBeat reports. Ten investment analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have issued a report on the stock in the last year is $63.60.

Several research firms have commented on RNA. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Evercore ISI cut their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Chardan Capital reiterated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st.

Insider Transactions at Avidity Biosciences

In other news, insider W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total value of $858,480.00. Following the transaction, the insider now directly owns 85,389 shares in the company, valued at approximately $3,054,364.53. This trade represents a 21.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of the firm’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 sale, the insider now directly owns 69,018 shares in the company, valued at approximately $3,036,792. The trade was a 16.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 174,866 shares of company stock valued at $7,583,037. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RNA. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences during the third quarter worth about $27,000. Allspring Global Investments Holdings LLC purchased a new stake in Avidity Biosciences during the 3rd quarter worth approximately $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences during the 3rd quarter valued at approximately $32,000. Quarry LP raised its holdings in shares of Avidity Biosciences by 566.7% in the second 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 last quarter. Finally, Quest Partners LLC raised its holdings in shares of 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 buying an additional 1,392 shares during the last quarter.

Avidity Biosciences Stock Down 3.8 %

Shares of NASDAQ:RNA opened at $32.49 on Friday. The firm has a fifty day simple moving average of $43.72 and a two-hundred day simple moving average of $42.08. The stock has a market capitalization of $3.88 billion, a P/E ratio of -11.28 and a beta of 0.89. Avidity Biosciences has a 52 week low of $7.79 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, analysts expect that Avidity Biosciences will post -2.84 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.