Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $36.33 Consensus Price Target from Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned an average recommendation of “Buy” from the six research firms that are currently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $36.33.

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

Avidity Biosciences Stock Up 6.9 %

Shares of NASDAQ:RNA opened at $25.80 on Friday. Avidity Biosciences has a 12 month low of $4.82 and a 12 month high of $27.66. The company’s fifty day simple moving average is $22.56 and its 200 day simple moving average is $13.61. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of -8.90 and a beta of 0.78.

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

Insider Buying and Selling

In other Avidity Biosciences news, Director Arthur A. Levin sold 27,641 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $22.03, for a total transaction of $608,931.23. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $326,704.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Arthur A. Levin sold 27,641 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $22.03, for a total value of $608,931.23. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $326,704.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at $338,420.60. The disclosure for this sale can be found here. Insiders sold a total of 204,641 shares of company stock worth $4,676,431 in the last three months. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. raised its holdings in Avidity Biosciences by 73.3% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,300,000 shares of the biotechnology company’s stock worth $8,294,000 after buying an additional 550,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in Avidity Biosciences by 1.2% during the third quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock worth $25,612,000 after buying an additional 47,305 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Avidity Biosciences by 301.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 166,019 shares of the biotechnology company’s stock worth $1,502,000 after buying an additional 124,633 shares during the last quarter. FMR LLC raised its holdings in shares of Avidity Biosciences by 4.6% in the third quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock valued at $70,910,000 after purchasing an additional 491,567 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in shares of Avidity Biosciences by 149.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company’s stock valued at $784,000 after purchasing an additional 51,839 shares during 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.