Avidity Biosciences (NASDAQ:RNA) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research report released on Monday,Benzinga reports. The firm currently has a $60.00 target price on the biotechnology company’s stock.

RNA has been the subject of several other reports. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target for the company. Bank of America decreased their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Barclays cut their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Scotiabank started coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective on the stock. Finally, Citigroup started coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $33.83 on Monday. Avidity Biosciences has a 12 month low of $21.56 and a 12 month high of $56.00. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -11.75 and a beta of 1.02. The company’s fifty day moving average price is $31.04 and its two-hundred day moving average price is $37.77.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. As a group, analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current year.

Insiders Place Their Bets

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the sale, the insider now directly owns 50,554 shares in the company, valued at $1,625,816.64. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider W. Michael Flanagan sold 12,742 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the sale, the insider now owns 72,647 shares in the company, valued at $2,372,651.02. The trade was a 14.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,138 shares of company stock worth $2,539,032. 3.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RNA. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences in the third quarter worth approximately $27,000. TD Waterhouse Canada Inc. grew its position in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new position in Avidity Biosciences during the fourth quarter valued at approximately $38,000. Headlands Technologies LLC purchased a new position in Avidity Biosciences during the fourth quarter valued at approximately $60,000. Finally, GF Fund Management CO. LTD. purchased a new position in Avidity Biosciences during the fourth quarter valued at approximately $73,000.

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.