Avidity Biosciences, Inc. (NASDAQ:RNA) Given Average Rating of “Buy” by Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned a consensus recommendation of “Buy” from the nine brokerages that are covering the company, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $63.22.

A number of analysts have recently weighed in on RNA shares. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Barclays began coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. TD Cowen lifted their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Evercore ISI cut their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $43.25 on Wednesday. Avidity Biosciences has a fifty-two week low of $5.68 and a fifty-two week high of $56.00. The stock has a market capitalization of $5.16 billion, a P/E ratio of -15.02 and a beta of 0.91. The company’s 50-day simple moving average is $45.32 and its 200-day simple moving average is $40.65.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. 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 $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. On average, research analysts forecast that Avidity Biosciences will post -2.9 EPS for the current year.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. The trade was a 25.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the transaction, the chief executive officer now directly owns 234,663 shares in the company, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 122,543 shares of company stock valued at $5,556,092 in the last 90 days. 3.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. National Bank of Canada FI purchased a new stake in Avidity Biosciences during the third quarter worth about $27,000. Allspring Global Investments Holdings LLC acquired a new position in Avidity Biosciences in the third quarter valued at approximately $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences in the third quarter valued at approximately $32,000. Quarry LP boosted its holdings in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 1,700 shares during the period. Finally, Quest Partners LLC boosted its holdings in shares of Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after acquiring an additional 1,392 shares during the period.

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.