Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) Target Price at $66.69

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned an average rating of “Buy” from the thirteen analysts that are covering the stock, Marketbeat Ratings reports. Thirteen equities research analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have covered the stock in the last year is $66.69.

A number of brokerages recently commented on RNA. Scotiabank initiated coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, April 9th. HC Wainwright reaffirmed a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Finally, BMO Capital Markets began coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target on the stock.

Insiders Place Their Bets

In related news, insider Steven George Hughes sold 9,578 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the transaction, the insider now directly owns 72,850 shares of the company’s stock, valued at approximately $2,262,721. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the sale, the insider now owns 50,554 shares of the company’s stock, valued at $1,406,917.82. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 79,318 shares of company stock valued at $2,405,390 in the last quarter. Corporate insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RNA. Aaron Wealth Advisors LLC boosted its stake in shares of Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock valued at $236,000 after purchasing an additional 504 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock valued at $50,000 after acquiring an additional 515 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in Avidity Biosciences by 8.0% during the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock valued at $204,000 after acquiring an additional 518 shares during the period. National Bank of Canada FI bought a new position in Avidity Biosciences during the 3rd quarter worth approximately $27,000. Finally, New York State Common Retirement Fund increased its stake in Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after purchasing an additional 598 shares during the period.

Avidity Biosciences Stock Up 3.5 %

Shares of RNA stock opened at $26.66 on Friday. The firm has a market cap of $3.20 billion, a P/E ratio of -9.26 and a beta of 1.01. The company has a 50 day moving average of $29.50 and a 200-day moving average of $35.22. Avidity Biosciences has a 12-month low of $21.51 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. As a group, equities analysts expect that Avidity Biosciences will post -2.89 EPS 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.