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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNAGet Free Report) have earned an average recommendation of “Buy” from the seven brokerages that are covering the company, Marketbeat reports. Seven research analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $44.29.

Several analysts have recently commented on RNA shares. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target on the stock. Evercore ISI increased their target price on Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, June 12th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a report on Monday, June 10th. Bank of America increased their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Chardan Capital boosted their target price on shares of Avidity Biosciences from $33.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th.

Check Out Our Latest Analysis on Avidity Biosciences

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $39.00 on Friday. The stock’s 50 day moving average price is $28.39 and its 200 day moving average price is $19.79. Avidity Biosciences has a 1-year low of $4.82 and a 1-year high of $42.00. The company has a market cap of $3.73 billion, a PE ratio of -13.22 and a beta of 0.81.

Avidity Biosciences (NASDAQ:RNAGet Free Report) last issued its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.02. The company had revenue of $3.54 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. On average, equities research analysts anticipate that Avidity Biosciences will post -3.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $338,420.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the sale, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $338,420.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sarah Boyce sold 164,233 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at $4,493,649.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 469,478 shares of company stock valued at $16,118,570. Insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

A number of institutional investors have recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Avidity Biosciences during the 1st quarter valued at $533,000. Farallon Capital Management LLC acquired a new position in shares of Avidity Biosciences during the first quarter worth about $15,467,000. RA Capital Management L.P. boosted its position in shares of Avidity Biosciences by 33.7% in 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 during the period. California State Teachers Retirement System raised its holdings in shares of Avidity Biosciences by 10.2% during the 1st quarter. California State Teachers Retirement System now owns 71,574 shares of the biotechnology company’s stock valued at $1,827,000 after buying an additional 6,618 shares during the period. Finally, Janus Henderson Group PLC lifted its position in Avidity Biosciences by 4,661.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after acquiring an additional 1,216,730 shares in the last quarter.

About Avidity Biosciences

(Get Free Report

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.

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Analyst Recommendations for Avidity Biosciences (NASDAQ:RNA)

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