TD Cowen Raises Avidity Biosciences (NASDAQ:RNA) Price Target to $78.00

Avidity Biosciences (NASDAQ:RNA) had its price objective lifted by TD Cowen from $56.00 to $78.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Several other analysts also recently weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Evercore ISI lowered their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Chardan Capital boosted their price target on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $62.67.

Avidity Biosciences Stock Down 7.4 %

Shares of RNA stock opened at $46.71 on Monday. The company has a market cap of $5.13 billion, a P/E ratio of -15.89 and a beta of 0.89. The business has a 50 day moving average of $44.37 and a two-hundred day moving average of $37.56. Avidity Biosciences has a 52 week low of $4.82 and a 52 week high of $50.78.

Avidity Biosciences (NASDAQ:RNA) last issued 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 firm had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. Analysts expect that Avidity Biosciences will post -3.01 EPS for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $4,561,753.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Avidity Biosciences news, Director Tamar Thompson sold 30,000 shares of Avidity Biosciences stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $44.98, for a total value of $1,349,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the sale, the insider now owns 94,018 shares of the company’s stock, valued at $4,561,753.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 150,543 shares of company stock valued at $6,762,692 over the last three months. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently modified their holdings of the stock. Avoro Capital Advisors LLC boosted its position in shares of Avidity Biosciences by 132.1% in the 1st quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock valued at $148,654,000 after purchasing an additional 3,315,000 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after buying an additional 1,216,730 shares during the period. RA Capital Management L.P. increased its position in shares of Avidity Biosciences by 33.7% in the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after acquiring an additional 827,647 shares in the last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after acquiring an additional 707,773 shares during the period. Finally, Farallon Capital Management LLC purchased a new stake in shares of Avidity Biosciences in the 1st quarter valued at approximately $15,467,000.

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.