Brokerages Set Avidity Biosciences, Inc. (NASDAQ:RNA) PT at $69.42

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been given an average rating of “Hold” by the nineteen research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $69.4211.

Several research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Avidity Biosciences to a “hold” rating in a research note on Saturday, March 21st. Wells Fargo & Company began coverage on shares of Avidity Biosciences in a research note on Wednesday, March 11th. They set an “overweight” rating for the company. Evercore set a $72.00 price objective on shares of Avidity Biosciences in a research note on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st.

Avidity Biosciences Stock Up 2.4%

Shares of RNA opened at $13.55 on Friday. The stock’s fifty day simple moving average is $46.95 and its 200-day simple moving average is $57.13. Avidity Biosciences has a 12-month low of $11.95 and a 12-month high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.98 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. As a group, sell-side analysts predict that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling

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 document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven George Hughes sold 4,895 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $354,642.75. Following the completion of the sale, the insider owned 31,599 shares of the company’s stock, valued at $2,289,347.55. This represents a 13.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,407 shares of company stock worth $4,226,448 over the last 90 days. 3.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Avidity Biosciences

A number of hedge funds have recently modified their holdings of RNA. JPMorgan Chase & Co. raised its holdings in Avidity Biosciences by 55.0% in the third quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock worth $39,194,000 after purchasing an additional 319,282 shares during the period. Candriam S.C.A. boosted its position in shares of Avidity Biosciences by 10.2% during the third quarter. Candriam S.C.A. now owns 487,917 shares of the biotechnology company’s stock worth $21,259,000 after purchasing an additional 45,144 shares in the last quarter. Atle Fund Management AB acquired a new position in shares of Avidity Biosciences in the 3rd quarter valued at $2,265,000. New York State Common Retirement Fund grew its holdings in shares of Avidity Biosciences by 44.2% in the 3rd quarter. New York State Common Retirement Fund now owns 392,644 shares of the biotechnology company’s stock valued at $17,107,000 after buying an additional 120,365 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in shares of Avidity Biosciences by 157.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock valued at $2,001,000 after buying an additional 28,055 shares in the last quarter.

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.