Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) PT at $63.60

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned a consensus rating of “Buy” from the ten ratings firms that are covering the firm, MarketBeat.com reports. Ten research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have covered the stock in the last year is $63.60.

A number of research firms have weighed in on RNA. Royal Bank of Canada began coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price for the company. Evercore ISI decreased their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Barclays began coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price for the company. Finally, TD Cowen increased their target price 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.

Insider Buying and Selling

In related news, Director Tamar Thompson sold 30,000 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $44.98, for a total value of $1,349,400.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $41.14, for a total value of $1,028,500.00. Following the completion of the transaction, the insider now owns 94,018 shares in the company, valued at approximately $3,867,900.52. This represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 150,866 shares of company stock worth $6,724,557 in the last ninety days. Corporate insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently modified their holdings of RNA. PEAK6 Investments LLC lifted its stake in Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 343 shares in the last quarter. Arizona State Retirement System lifted its stake in Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after acquiring an additional 405 shares in the last quarter. National Bank of Canada FI bought a new position in Avidity Biosciences during the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the 3rd quarter valued at $30,000. Finally, Values First Advisors Inc. bought a new position in Avidity Biosciences during the 3rd quarter valued at $32,000.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $36.10 on Friday. The business has a 50 day moving average of $44.51 and a 200-day moving average of $42.03. Avidity Biosciences has a 1 year low of $6.79 and a 1 year high of $56.00. The company has a market capitalization of $4.31 billion, a P/E ratio of -12.53 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Equities analysts anticipate that Avidity Biosciences will post -2.84 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.