Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) Target Price at $69.24

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given an average recommendation of “Hold” by the twenty-three research firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $69.2381.

A number of brokerages have recently weighed in on RNA. Bank of America increased their price target on Avidity Biosciences from $56.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Cowen restated a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Evercore ISI dropped their target price on Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating on the stock in a research report on Monday, September 22nd. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Finally, HC Wainwright downgraded shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and reduced their price target for the company from $87.00 to $72.00 in a report on Monday, October 27th.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $71.55 on Friday. Avidity Biosciences has a one year low of $21.51 and a one year high of $71.63. The company has a 50-day simple moving average of $56.63 and a 200-day simple moving average of $43.57. The firm has a market capitalization of $10.78 billion, a PE ratio of -17.12 and a beta of 0.97.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The business had revenue of $12.48 million for the quarter, compared to analyst estimates of $1.80 million. The company’s revenue for the quarter was up 420.8% compared to the same quarter last year. Equities analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Activity

In other news, insider Steven George Hughes sold 2,209 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, October 22nd. The stock was sold at an average price of $47.54, for a total transaction of $105,015.86. Following the sale, the insider owned 38,867 shares of the company’s stock, valued at approximately $1,847,737.18. The trade was a 5.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Eric Mosbrooker sold 6,563 shares of the business’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $47.07, for a total value of $308,920.41. Following the transaction, the insider owned 55,000 shares of the company’s stock, valued at approximately $2,588,850. This represents a 10.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 142,230 shares of company stock worth $7,020,485 over the last three months. Insiders own 3.83% of the company’s stock.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently added to or reduced their stakes in RNA. Rhumbline Advisers lifted its holdings in Avidity Biosciences by 7.1% in the first quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company’s stock worth $4,864,000 after purchasing an additional 10,973 shares during the period. Mirador Capital Partners LP raised its position in shares of Avidity Biosciences by 46.8% during the 2nd quarter. Mirador Capital Partners LP now owns 41,389 shares of the biotechnology company’s stock worth $1,175,000 after buying an additional 13,189 shares in the last quarter. KLP Kapitalforvaltning AS raised its position in shares of Avidity Biosciences by 19.5% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 19,000 shares of the biotechnology company’s stock worth $540,000 after buying an additional 3,100 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Avidity Biosciences by 2.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company’s stock worth $334,701,000 after acquiring an additional 295,275 shares during the period. Finally, Citigroup Inc. boosted its holdings in shares of Avidity Biosciences by 98.6% in the first quarter. Citigroup Inc. now owns 377,279 shares of the biotechnology company’s stock valued at $11,137,000 after acquiring an additional 187,325 shares in the last quarter.

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.