Brokerages Set Avidity Biosciences, Inc. (NASDAQ:RNA) PT at $55.86

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given a consensus recommendation of “Buy” by the seven research firms that are currently covering the firm, MarketBeat.com reports. Seven analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have issued a report on the stock in the last year is $55.86.

RNA has been the topic of several analyst reports. Barclays assumed coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Evercore ISI lowered their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Tuesday, August 13th. Bank of America upped their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, Chardan Capital upped their price target on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 9th.

Insider Activity

In other news, CEO Sarah Boyce sold 164,233 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $40.08, for a total value of $6,582,458.64. Following the completion of the sale, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at approximately $4,493,649.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Arthur A. Levin sold 40,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $35.07, for a total value of $1,402,800.00. Following the sale, the director now directly owns 213,872 shares in the company, valued at $7,500,491.04. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sarah Boyce sold 164,233 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.08, for a total value of $6,582,458.64. Following the transaction, the chief executive officer now owns 112,117 shares in the company, valued at $4,493,649.36. The disclosure for this sale can be found here. Insiders sold 407,478 shares of company stock valued at $15,447,440 in the last ninety days. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Los Angeles Capital Management LLC increased its holdings in shares of Avidity Biosciences by 1.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company’s stock valued at $546,000 after acquiring an additional 1,030 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Avidity Biosciences by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 545,771 shares of the biotechnology company’s stock valued at $4,939,000 after acquiring an additional 30,674 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Avidity Biosciences by 61.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 41,166 shares of the biotechnology company’s stock valued at $394,000 after acquiring an additional 15,654 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after acquiring an additional 2,714 shares during the period. Finally, Dynamic Technology Lab Private Ltd increased its holdings in shares of Avidity Biosciences by 114.3% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 52,788 shares of the biotechnology company’s stock valued at $478,000 after acquiring an additional 28,160 shares during the period.

Avidity Biosciences Stock Up 3.2 %

NASDAQ RNA opened at $44.00 on Friday. Avidity Biosciences has a twelve month low of $4.82 and a twelve month high of $48.80. The firm has a market capitalization of $4.83 billion, a PE ratio of -14.92 and a beta of 0.90. The stock’s 50 day moving average is $43.26 and its 200 day moving average is $31.53.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The business had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. On average, research analysts anticipate that Avidity Biosciences will post -2.96 earnings per share 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.