TD Cowen Boosts Avidity Biosciences (NASDAQ:RNA) Price Target to $78.00

Avidity Biosciences (NASDAQ:RNA) had its price objective raised by analysts at TD Cowen from $56.00 to $78.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. TD Cowen’s target price would indicate a potential upside of 68.69% from the stock’s previous close.

RNA has been the topic of a number of other reports. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Evercore ISI cut 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. Chardan Capital lifted their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Barclays assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and an average target price of $62.67.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA traded down $4.21 during midday trading on Monday, hitting $46.24. The company’s stock had a trading volume of 719,948 shares, compared to its average volume of 1,341,407. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of -15.67 and a beta of 0.89. The stock’s 50 day simple moving average is $44.33 and its 200 day simple moving average is $37.40. Avidity Biosciences has a fifty-two week low of $4.82 and a fifty-two week high of $50.78.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.11. The company had revenue of $2.05 million for the quarter, compared to the consensus estimate 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, analysts anticipate that Avidity Biosciences will post -3.01 EPS for the current year.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at $670,167.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total value of $1,213,800.00. Following the sale, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at approximately $8,888,614.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at approximately $670,167.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 150,543 shares of company stock valued at $6,762,692 in the last three months. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RNA. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences during the 3rd quarter worth approximately $30,000. Quarry LP lifted 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 acquiring an additional 1,700 shares during the period. nVerses Capital LLC lifted its holdings in shares of Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 700 shares during the period. Amalgamated Bank lifted its holdings in shares of Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after acquiring an additional 982 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Avidity Biosciences by 32.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after acquiring an additional 1,076 shares during the period.

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.