Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Average Rating of “Buy” from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has been assigned an average rating of “Buy” from the seven analysts that are presently covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy rating. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $61.00.

A number of research firms have recently commented on RNA. Chardan Capital raised their price objective on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Barclays assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective for the company. Evercore ISI cut their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th.

Insider Transactions at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the sale, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at $678,175.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael F. Maclean sold 11,510 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $506,440.00. Following the sale, the chief financial officer now owns 96,355 shares of the company’s stock, valued at approximately $4,239,620. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,543 shares of company stock valued at $5,543,382. Corporate insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Several institutional investors have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC lifted its holdings in Avidity Biosciences by 456.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after buying an additional 2,714 shares during the last quarter. Quarry LP increased its stake in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares during the last quarter. nVerses Capital LLC increased its stake in Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 shares during the last quarter. Amalgamated Bank increased its stake in Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after purchasing an additional 1,076 shares during the period.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $43.50 on Tuesday. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of -14.75 and a beta of 0.89. Avidity Biosciences has a one year low of $4.82 and a one year high of $48.80. The company has a 50 day moving average price of $43.77 and a 200 day moving average price of $34.46.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $7.09 million. As a group, equities analysts forecast that Avidity Biosciences will post -3.01 EPS for the current fiscal 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.