Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Consensus Rating of “Buy” from Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned a consensus rating of “Buy” from the six brokerages that are covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $36.33.

A number of research firms have issued reports on RNA. Wells Fargo & Company reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Avidity Biosciences in a report on Wednesday, January 3rd. Chardan Capital reiterated a “buy” rating and issued a $23.00 price objective on shares of Avidity Biosciences in a research note on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and set a $35.00 target price on shares of Avidity Biosciences in a research report on Thursday, April 11th. Finally, Cantor Fitzgerald assumed coverage on Avidity Biosciences in a research report on Thursday, March 14th. They set an “overweight” rating and a $60.00 price target for the company.

Insider Buying and Selling

In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $22.63, for a total transaction of $633,640.00. Following the completion of the transaction, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at $2,537,207.71. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $22.63, for a total transaction of $633,640.00. Following the sale, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at $2,537,207.71. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $338,420.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 204,641 shares of company stock valued at $4,676,431. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. boosted its stake in Avidity Biosciences by 19.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 30,014 shares of the biotechnology company’s stock worth $191,000 after purchasing an additional 4,902 shares during the period. Raymond James & Associates boosted its holdings in Avidity Biosciences by 11.8% in the 3rd quarter. Raymond James & Associates now owns 93,255 shares of the biotechnology company’s stock valued at $595,000 after purchasing an additional 9,815 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in Avidity Biosciences by 33.4% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 34,772 shares of the biotechnology company’s stock valued at $222,000 after purchasing an additional 8,700 shares during the period. TD Asset Management Inc raised its position in shares of Avidity Biosciences by 100.0% in the third quarter. TD Asset Management Inc now owns 267,732 shares of the biotechnology company’s stock worth $1,708,000 after buying an additional 133,866 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in Avidity Biosciences by 89.5% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 66,220 shares of the biotechnology company’s stock valued at $422,000 after buying an additional 31,277 shares during the period.

Avidity Biosciences Price Performance

RNA opened at $24.36 on Friday. The firm has a market capitalization of $1.94 billion, a PE ratio of -8.40 and a beta of 0.78. Avidity Biosciences has a fifty-two week low of $4.82 and a fifty-two week high of $27.66. The company’s 50-day moving average is $22.15 and its 200 day moving average is $13.26.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.25). The company had revenue of $2.19 million during the quarter, compared to analysts’ expectations of $32.08 million. Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. As a group, analysts expect that Avidity Biosciences will post -3.07 EPS for the current year.

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.