Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $66.69 Average Target Price from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has received a consensus rating of “Buy” from the thirteen research firms that are covering the company, MarketBeat.com reports. Thirteen analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have covered the stock in the last year is $66.69.

A number of research firms recently weighed in on RNA. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Monday. Bank of America reduced their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Monday.

Insider Transactions at Avidity Biosciences

In related news, CEO Sarah Boyce sold 10,397 shares of the firm’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 $297,250.23. Following the completion of the transaction, the chief executive officer now owns 337,411 shares of the company’s stock, valued at $9,646,580.49. This trade represents a 2.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the transaction, the director now directly owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,390 shares of company stock worth $718,303. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI purchased a new position in Avidity Biosciences in the third quarter valued at $27,000. TD Waterhouse Canada Inc. boosted its position in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 866 shares during the last quarter. Van ECK Associates Corp acquired a new position in Avidity Biosciences during the fourth quarter worth about $38,000. Quest Partners LLC boosted its position in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $60,000.

Avidity Biosciences Stock Down 2.8 %

RNA opened at $30.83 on Tuesday. The firm has a 50-day simple moving average of $31.08 and a two-hundred day simple moving average of $37.58. Avidity Biosciences has a 52 week low of $21.56 and a 52 week high of $56.00. The company has a market capitalization of $3.71 billion, a PE ratio of -10.70 and a beta of 1.02.

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

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.