Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $65.80 Average PT from Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned a consensus recommendation of “Buy” from the ten research firms that are presently covering the firm, MarketBeat reports. Ten equities research analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have covered the stock in the last year is $65.80.

A number of analysts have recently commented on RNA shares. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Friday, January 10th. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st.

Avidity Biosciences Stock Down 1.9 %

Avidity Biosciences stock opened at $29.08 on Friday. The stock has a market capitalization of $3.47 billion, a PE ratio of -10.10 and a beta of 1.00. Avidity Biosciences has a twelve month low of $14.75 and a twelve month high of $56.00. The company has a 50 day moving average of $31.03 and a 200-day moving average of $38.98.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sarah Boyce sold 31,855 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the transaction, the chief executive officer now owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. The trade was a 10.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 129,138 shares of company stock worth $4,229,012 in the last quarter. 3.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RNA. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $27,000. TD Waterhouse Canada Inc. grew its position in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $30,000. Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $32,000. Finally, Van ECK Associates Corp acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $38,000.

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.