Avidity Biosciences’ (RNA) Buy Rating Reaffirmed at Needham & Company LLC

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $60.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 43.30% from the stock’s previous close.

Several other equities analysts have also commented on the stock. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. TD Cowen increased their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Evercore ISI dropped their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. Chardan Capital increased their price objective on shares of Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Barclays started coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $63.22.

Avidity Biosciences Stock Down 0.9 %

Shares of Avidity Biosciences stock opened at $41.87 on Thursday. Avidity Biosciences has a 52-week low of $5.04 and a 52-week high of $50.78. The company’s 50-day simple moving average is $44.39 and its 200-day simple moving average is $38.61. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of -14.24 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.11. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. The company had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Equities research analysts anticipate that Avidity Biosciences will post -2.99 EPS for the current year.

Insider Transactions at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $691,522.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Michael F. Maclean sold 11,510 shares of Avidity Biosciences stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $506,440.00. Following the completion of the transaction, the chief financial officer now directly owns 96,355 shares of the company’s stock, valued at approximately $4,239,620. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $46.63, for a total transaction of $233,150.00. Following the completion of the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $691,522.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 155,543 shares of company stock valued at $6,995,842. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC acquired a new position in Avidity Biosciences during the 3rd quarter valued at about $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences during the 3rd quarter valued at about $32,000. Quarry LP boosted its stake in Avidity Biosciences by 566.7% during the 2nd 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 period. nVerses Capital LLC boosted its stake in Avidity Biosciences by 25.9% during the 2nd 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 period. Finally, Amalgamated Bank boosted its stake in Avidity Biosciences by 39.0% during the 2nd 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 period.

About Avidity Biosciences

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.