Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned a consensus recommendation of “Buy” from the nine brokerages that are covering the stock, Marketbeat reports. Nine equities research analysts have rated the stock with a buy rating. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $62.67.

A number of analysts have recently commented on the stock. Evercore ISI cut their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. TD Cowen increased their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. The Goldman Sachs Group started coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Barclays initiated coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Tuesday, August 13th.

Avidity Biosciences Trading Down 0.1 %

Shares of NASDAQ RNA opened at $45.11 on Friday. The company has a fifty day moving average price of $44.47 and a 200 day moving average price of $37.96. The firm has a market cap of $4.95 billion, a PE ratio of -15.34 and a beta of 0.89. Avidity Biosciences has a 1-year low of $4.82 and a 1-year high of $50.78.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The business had revenue of $2.05 million during 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%. Equities research analysts forecast that Avidity Biosciences will post -3.01 EPS for the current year.

Insider Activity

In related news, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the transaction, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares in the company, valued at $3,036,792. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares in the company, valued at $10,325,172. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 155,543 shares of company stock valued at $6,995,842 over the last three months. Insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Hedge funds have recently added to or reduced their stakes in the company. Avoro Capital Advisors LLC boosted its holdings in Avidity Biosciences by 132.1% in the 1st quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock valued at $148,654,000 after purchasing an additional 3,315,000 shares during the period. Janus Henderson Group PLC raised its position in shares of Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after buying an additional 1,216,730 shares in the last quarter. RA Capital Management L.P. grew its position in Avidity Biosciences by 33.7% during the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after buying an additional 827,647 shares in the last quarter. D. E. Shaw & Co. Inc. increased its stake in Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after acquiring an additional 707,773 shares during the period. Finally, Farallon Capital Management LLC acquired a new position in Avidity Biosciences in the 1st quarter valued at $15,467,000.

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.