Avidity Biosciences (NASDAQ:RNA) Coverage Initiated by Analysts at The Goldman Sachs Group

Stock analysts at The Goldman Sachs Group started coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report issued on Tuesday, Benzinga reports. The brokerage set a “buy” rating and a $59.00 price target on the biotechnology company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 35.63% from the stock’s previous close.

Several other research firms have also recently issued reports on RNA. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Chardan Capital raised their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Evercore ISI decreased their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and a consensus target price of $60.75.

Avidity Biosciences Stock Down 2.2 %

Shares of Avidity Biosciences stock opened at $43.50 on Tuesday. The company’s fifty day simple moving average is $43.77 and its two-hundred day simple moving average is $34.46. Avidity Biosciences has a 12-month low of $4.82 and a 12-month high of $48.80. The firm has a market cap of $4.16 billion, a PE ratio of -14.75 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. The company had revenue of $2.05 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. As a group, sell-side analysts expect that Avidity Biosciences will post -3.01 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In related 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 transaction 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Michael F. Maclean sold 11,510 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $506,440.00. Following the sale, the chief financial officer now owns 96,355 shares in the company, valued at approximately $4,239,620. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sarah Boyce sold 32,880 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the transaction, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. The disclosure for this sale can be found here. Insiders have sold 128,543 shares of company stock valued at $5,543,382 in the last three months. 3.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently bought and sold shares of the company. Quarry LP raised its holdings in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after buying an additional 1,700 shares during the last quarter. Creative Planning increased its position in shares of Avidity Biosciences by 45.1% during the second quarter. Creative Planning now owns 13,487 shares of the biotechnology company’s stock valued at $551,000 after acquiring an additional 4,190 shares in the last quarter. Algert Global LLC raised its holdings in Avidity Biosciences by 32.5% in the 2nd quarter. Algert Global LLC now owns 42,563 shares of the biotechnology company’s stock worth $1,739,000 after acquiring an additional 10,443 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Avidity Biosciences by 18.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 272,762 shares of the biotechnology company’s stock worth $11,142,000 after acquiring an additional 42,636 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in shares of Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after purchasing an additional 707,773 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.