TD Cowen Raises Avidity Biosciences (NASDAQ:RNA) Price Target to $78.00

Avidity Biosciences (NASDAQ:RNA) had its target price increased by TD Cowen from $56.00 to $78.00 in a research note released on Monday, Benzinga reports. TD Cowen currently has a buy rating on the biotechnology company’s stock.

Several other analysts also recently weighed in on the stock. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. Barclays initiated coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Finally, Chardan Capital increased their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $62.67.

Avidity Biosciences Stock Down 4.2 %

Shares of Avidity Biosciences stock opened at $45.40 on Monday. The stock’s fifty day moving average is $44.42 and its two-hundred day moving average is $37.72. Avidity Biosciences has a 52 week low of $4.82 and a 52 week high of $50.78. The company has a market capitalization of $4.34 billion, a PE ratio of -15.39 and a beta of 0.89.

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

Insiders Place Their Bets

In related news, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the completion of the transaction, the chief executive officer now owns 205,043 shares in the company, valued at $8,888,614.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total value of $1,213,800.00. Following the completion of the sale, the chief executive officer now owns 205,043 shares of the company’s stock, valued at $8,888,614.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the transaction, the insider now directly owns 94,018 shares in the company, valued at $4,561,753.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 155,543 shares of company stock worth $6,995,842. 3.68% of the stock is owned by corporate insiders.

Institutional Trading of Avidity Biosciences

Several large investors have recently bought and sold shares of RNA. Avoro Capital Advisors LLC grew 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 valued at $148,654,000 after purchasing an additional 3,315,000 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Avidity Biosciences by 4,661.3% during the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after purchasing an additional 1,216,730 shares during the period. RA Capital Management L.P. increased its holdings in Avidity Biosciences by 33.7% in 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% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after buying an additional 707,773 shares during the period. Finally, Farallon Capital Management LLC purchased a new position in Avidity Biosciences during the 1st quarter worth approximately $15,467,000.

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.