Avidity Biosciences, Inc. (NASDAQ:RNA) Given Consensus Rating of “Buy” by Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given an average recommendation of “Buy” by the thirteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Thirteen investment analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have covered the stock in the last year is $66.38.

Several equities analysts have recently commented on the company. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, May 7th. Scotiabank assumed coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Finally, HC Wainwright reduced their price target on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday.

Insider Buying and Selling

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,406,917.82. This represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the completion of the transaction, the chief executive officer now directly owns 305,871 shares in the company, valued at $9,500,353.26. The trade was a 9.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock worth $1,877,437 in the last ninety days. 3.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in RNA. TD Waterhouse Canada Inc. raised its position in Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares during the last quarter. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences during the fourth quarter worth about $38,000. Parallel Advisors LLC raised its holdings in Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after purchasing an additional 515 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Avidity Biosciences in the fourth quarter valued at about $60,000. Finally, GF Fund Management CO. LTD. purchased a new stake in Avidity Biosciences in the 4th quarter valued at approximately $73,000.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $29.88 on Wednesday. Avidity Biosciences has a one year low of $21.51 and a one year high of $56.00. The stock has a market cap of $3.60 billion, a PE ratio of -10.38 and a beta of 1.00. The stock has a 50 day moving average price of $29.26 and a 200 day moving average price of $33.19.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The company had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

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.