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

Needham & Company LLC reiterated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a report released on Monday,Benzinga reports. They currently have a $60.00 target price on the biotechnology company’s stock.

A number of other analysts have also recently issued reports on the stock. Citigroup initiated coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price for the company. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price for the company. Scotiabank started coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective for the company. Barclays reduced their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Stock Up 8.7 %

NASDAQ RNA opened at $33.83 on Monday. The stock has a market capitalization of $4.07 billion, a PE ratio of -11.75 and a beta of 1.02. The company has a 50 day moving average price of $31.04 and a two-hundred day moving average price of $37.77. Avidity Biosciences has a 12-month low of $21.56 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, equities analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 11,151 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $364,191.66. Following the sale, the chief financial officer now owns 82,942 shares of the company’s stock, valued at $2,708,885.72. The trade was a 11.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Teresa Mccarthy sold 2,959 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the sale, the insider now directly owns 104,908 shares in the company, valued at $2,999,319.72. This trade represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,138 shares of company stock worth $2,539,032 in the last ninety days. 3.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in the company. PEAK6 Investments LLC grew its holdings in shares of Avidity Biosciences by 4.9% in the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after purchasing an additional 343 shares during the last quarter. Aaron Wealth Advisors LLC lifted its position in Avidity Biosciences by 6.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after buying an additional 504 shares in the last quarter. Quantinno Capital Management LP lifted its position in Avidity Biosciences by 8.0% during the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock worth $204,000 after buying an additional 518 shares in the last quarter. National Bank of Canada FI acquired a new position in Avidity Biosciences during the 3rd quarter worth about $27,000. Finally, New York State Common Retirement Fund lifted its position in Avidity Biosciences by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after buying an additional 598 shares in the last quarter.

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.