Brokerages Set Avidity Biosciences, Inc. (NASDAQ:RNA) Price Target at $65.80

Avidity Biosciences, Inc. (NASDAQ:RNA) has earned a consensus rating of “Buy” from the ten ratings firms that are currently covering the firm, MarketBeat.com reports. Ten equities research analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $65.80.

A number of research analysts have recently weighed in on RNA shares. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Friday, January 10th. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen raised their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $31.92 on Monday. The stock’s fifty day moving average price is $33.45 and its two-hundred day moving average price is $40.77. Avidity Biosciences has a 52-week low of $11.23 and a 52-week high of $56.00. The company has a market cap of $3.81 billion, a price-to-earnings ratio of -11.08 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 analysts predict that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $3,867,900.52. The trade was a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the sale, the director now owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 151,586 shares of company stock worth $5,208,537 over the last three months. Insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its stake in Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after acquiring an additional 689,729 shares during the last quarter. Wellington Management Group LLP increased its stake 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 during the last quarter. RA Capital Management L.P. increased its stake in Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after acquiring an additional 900,000 shares during the last quarter. Janus Henderson Group PLC increased its stake in Avidity Biosciences by 33.9% in the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after acquiring an additional 1,239,323 shares during the last quarter. Finally, State Street Corp increased its stake in Avidity Biosciences by 41.7% in the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after acquiring an additional 1,386,087 shares during 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.