Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $63.60 Consensus Target Price from Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA) has earned an average recommendation of “Buy” from the ten analysts that are presently covering the company, Marketbeat Ratings reports. Ten research analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have covered the stock in the last year is $63.60.

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada assumed coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price for the company. Barclays initiated coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price for the company. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. TD Cowen lifted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Evercore ISI decreased their price objective on 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 Price Performance

Shares of Avidity Biosciences stock opened at $36.10 on Friday. Avidity Biosciences has a 1 year low of $6.79 and a 1 year high of $56.00. The firm has a market cap of $4.31 billion, a PE ratio of -12.53 and a beta of 0.89. The stock has a fifty day moving average price of $44.51 and a 200-day moving average price of $42.03.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. As a group, equities analysts anticipate that Avidity Biosciences will post -2.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 3,323 shares of Avidity Biosciences stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at approximately $624,639.60. This trade represents a 18.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $41.14, for a total value of $1,028,500.00. Following the sale, the insider now owns 94,018 shares of the company’s stock, valued at approximately $3,867,900.52. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock worth $6,724,557 in the last quarter. 3.68% of the stock is owned by company insiders.

Institutional Trading of Avidity Biosciences

A number of large investors have recently modified their holdings of the business. PEAK6 Investments LLC boosted its position in shares of Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 343 shares during the last quarter. Arizona State Retirement System lifted its position in Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after buying an additional 405 shares during the last quarter. National Bank of Canada FI bought a new stake in Avidity Biosciences in the 3rd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences in the 3rd quarter worth approximately $30,000. Finally, Values First Advisors Inc. bought a new stake in Avidity Biosciences in the 3rd quarter worth approximately $32,000.

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.