Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $55.86 Average PT from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given a consensus rating of “Buy” by the seven research firms that are currently covering the firm, Marketbeat.com reports. Seven analysts have rated the stock with a buy rating. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $55.86.

A number of analysts have weighed in on the stock. Bank of America increased their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Chardan Capital lifted their target price on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Tuesday, August 13th. Barclays started coverage on Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Finally, Evercore ISI cut their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th.

Avidity Biosciences Price Performance

RNA stock opened at $40.76 on Friday. The company has a 50-day moving average of $43.42 and a two-hundred day moving average of $32.07. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of -13.82 and a beta of 0.89. Avidity Biosciences has a 52-week low of $4.82 and a 52-week high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The firm had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Equities analysts expect that Avidity Biosciences will post -2.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Monday, August 19th. The stock was 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 directly owns 14,830 shares in the company, valued at $670,167.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Sarah Boyce sold 164,233 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $40.08, for a total value of $6,582,458.64. Following the transaction, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at approximately $4,493,649.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $45.19, for a total value 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 disclosure for this sale can be found here. Insiders sold 379,478 shares of company stock worth $14,679,680 in the last 90 days. 3.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP raised its stake in shares of Avidity Biosciences by 566.7% in the second 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 last quarter. Creative Planning raised its position in Avidity Biosciences by 45.1% in the 2nd quarter. Creative Planning now owns 13,487 shares of the biotechnology company’s stock worth $551,000 after purchasing an additional 4,190 shares during the last quarter. Algert Global LLC lifted its holdings in Avidity Biosciences by 32.5% during the 2nd quarter. Algert Global LLC now owns 42,563 shares of the biotechnology company’s stock worth $1,739,000 after buying an additional 10,443 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Avidity Biosciences by 18.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 272,762 shares of the biotechnology company’s stock valued at $11,142,000 after buying an additional 42,636 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its stake in shares of Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after buying an additional 707,773 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.