Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $63.22 Average Target Price from Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned a consensus recommendation of “Buy” from the nine brokerages that are currently covering the company, MarketBeat.com reports. Nine equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $63.22.

A number of equities research analysts have issued reports on RNA shares. Barclays initiated coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Evercore ISI reduced their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Chardan Capital reiterated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, TD Cowen upped their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $42.18 on Wednesday. The company has a 50-day moving average of $45.26 and a two-hundred day moving average of $40.20. The firm has a market cap of $5.03 billion, a PE ratio of -14.65 and a beta of 0.91. Avidity Biosciences has a 1-year low of $5.68 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data 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. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Sell-side analysts anticipate that Avidity Biosciences will post -2.85 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of Avidity Biosciences stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the sale, the chief executive officer now owns 234,663 shares in the company, valued at $10,325,172. The trade was a 12.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Teresa Mccarthy sold 13,153 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the sale, the insider now owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. The trade was a 16.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 127,543 shares of company stock worth $5,782,042 over the last three months. 3.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC increased its holdings in Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after purchasing an additional 689,729 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Avidity Biosciences by 7.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after buying an additional 516,446 shares during the last quarter. Wellington Management Group LLP raised its holdings in Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after acquiring an additional 3,228,923 shares in the last quarter. Avoro Capital Advisors LLC boosted its stake in Avidity Biosciences by 11.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after acquiring an additional 680,000 shares during the last quarter. Finally, RA Capital Management L.P. grew its holdings in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after acquiring an additional 900,000 shares in the last quarter.

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.