Brokerages Set Avidity Biosciences, Inc. (NASDAQ:RNA) Target Price at $64.36

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given a consensus rating of “Buy” by the ten ratings firms that are covering the firm, Marketbeat Ratings reports. Ten research analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $65.80.

A number of brokerages recently commented on RNA. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. Chardan Capital restated a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. HC Wainwright assumed coverage on shares of Avidity Biosciences in a report on Friday, December 20th. They set a “buy” rating and a $72.00 target price for the company. Finally, TD Cowen increased their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st.

Avidity Biosciences Trading Down 2.2 %

Shares of RNA stock opened at $30.50 on Thursday. Avidity Biosciences has a 1 year low of $8.95 and a 1 year high of $56.00. The firm’s 50 day moving average is $39.05 and its 200-day moving average is $42.05. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of -10.59 and a beta of 0.99.

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, topping 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%. On average, equities research analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 12,742 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $416,153.72. Following the sale, the insider now owns 72,647 shares of the company’s stock, valued at approximately $2,372,651.02. This trade represents a 14.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the completion of the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $4,561,753.36. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 193,071 shares of company stock valued at $7,474,724. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently made changes to their positions in the stock. National Bank of Canada FI bought a new stake in Avidity Biosciences in the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new position in shares of Avidity Biosciences in the third quarter valued at about $30,000. Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth about $32,000. Quarry LP boosted its holdings in shares of Avidity Biosciences by 566.7% during the 2nd 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 period. Finally, Quest Partners LLC grew its stake in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after buying an additional 1,392 shares during 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.