Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $63.22 Average Price Target from Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA) has received an average rating of “Buy” from the nine research firms that are presently covering the company, Marketbeat.com reports. Nine equities research analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $63.22.

A number of equities research analysts have recently weighed in on RNA shares. Evercore ISI reduced their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Finally, TD Cowen upped their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st.

Avidity Biosciences Stock Performance

RNA opened at $42.18 on Wednesday. Avidity Biosciences has a 52-week low of $5.68 and a 52-week high of $56.00. The firm has a market cap of $5.03 billion, a P/E ratio of -14.65 and a beta of 0.91. The business’s fifty day moving average is $45.26 and its 200-day moving average is $40.42.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. On average, research analysts predict that Avidity Biosciences will post -2.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction that occurred on Monday, September 23rd. The stock was 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 of the company’s stock, valued at $3,036,792. The trade was a 16.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. The trade was a 25.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 122,543 shares of company stock worth $5,556,092. 3.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new position in Avidity Biosciences in the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences during the 3rd quarter valued at $30,000. Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences in the third quarter worth about $32,000. Quarry LP grew its position in shares of Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC increased its stake 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 acquiring an additional 1,392 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.