Avidity Biosciences, Inc. (NASDAQ:RNA) Given Average Rating of “Buy” by Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given an average recommendation of “Buy” by the thirteen brokerages that are covering the stock, Marketbeat Ratings reports. Thirteen equities research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have covered the stock in the last year is $66.69.

Several equities analysts have recently issued reports on RNA shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. HC Wainwright reiterated a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Citigroup began coverage on Avidity Biosciences in a research report on Thursday, March 13th. They set a “buy” rating and a $70.00 price target for the company. Barclays cut their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, Bank of America lowered their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 10th.

Avidity Biosciences Stock Performance

RNA stock opened at $33.30 on Tuesday. The company has a market cap of $4.00 billion, a P/E ratio of -11.56 and a beta of 1.02. Avidity Biosciences has a fifty-two week low of $21.56 and a fifty-two week high of $56.00. The stock’s 50 day simple moving average is $31.21 and its 200 day simple moving average is $37.39.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the transaction, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Michael F. Maclean sold 3,287 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $93,975.33. Following the sale, the chief financial officer now owns 104,655 shares in the company, valued at approximately $2,992,086.45. The trade was a 3.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,443 shares of company stock worth $2,241,889. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RNA. California State Teachers Retirement System lifted its holdings in shares of Avidity Biosciences by 9.2% in the 4th quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company’s stock worth $2,459,000 after acquiring an additional 7,148 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Avidity Biosciences in the 4th quarter worth approximately $4,722,000. GF Fund Management CO. LTD. purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at $73,000. Neo Ivy Capital Management lifted its position in shares of Avidity Biosciences by 479.2% during the fourth quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company’s stock valued at $2,795,000 after buying an additional 79,524 shares during the last quarter. Finally, Castleark Management LLC grew its holdings in Avidity Biosciences by 23.7% in the fourth quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company’s stock worth $2,054,000 after purchasing an additional 13,510 shares during the last quarter.

About Avidity Biosciences

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.