Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $69.57 Consensus Price Target from Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned an average rating of “Hold” from the twenty-one ratings firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $69.5714.

RNA has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Chardan Capital reaffirmed a “neutral” rating and set a $72.00 price target on shares of Avidity Biosciences in a report on Tuesday, November 11th. TD Cowen reiterated a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. Finally, Evercore set a $72.00 target price on shares of Avidity Biosciences in a research note on Thursday, December 18th.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $15.47 on Tuesday. Avidity Biosciences has a fifty-two week low of $13.81 and a fifty-two week high of $16.77. The firm has a 50-day simple moving average of $66.88 and a two-hundred day simple moving average of $60.84.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) EPS for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). The firm had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $1.98 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. On average, research analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 4,542 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $329,067.90. Following the transaction, the chief financial officer directly owned 59,290 shares in the company, valued at $4,295,560.50. This trade represents a 7.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Charles Calderaro III sold 3,727 shares of the company’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $72.23, for a total value of $269,201.21. Following the sale, the insider owned 49,797 shares of the company’s stock, valued at approximately $3,596,837.31. This trade represents a 6.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 58,407 shares of company stock valued at $4,226,448 over the last quarter. 3.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. AlphaQuest LLC increased its position in shares of Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the last quarter. CWM LLC increased its holdings in Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 605 shares during the last quarter. Westside Investment Management Inc. purchased a new stake in Avidity Biosciences during the second quarter valued at approximately $29,000. EFG International AG bought a new position in Avidity Biosciences in the fourth quarter worth approximately $33,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Avidity Biosciences during the 4th quarter worth $34,000.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.