Avidity Biosciences (NASDAQ:RNA) Research Coverage Started at The Goldman Sachs Group

The Goldman Sachs Group began coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a report issued on Tuesday morning, Marketbeat.com reports. The firm issued a buy rating and a $59.00 price target on the biotechnology company’s stock.

A number of other research firms also recently issued reports on RNA. Bank of America increased their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the stock a buy rating in a report on Thursday, June 13th. Chardan Capital raised their price target on Avidity Biosciences from $45.00 to $60.00 and gave the company a buy rating in a research note on Friday, August 9th. Barclays began coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an overweight rating and a $63.00 price target for the company. Needham & Company LLC restated a buy rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Finally, Cantor Fitzgerald restated an overweight rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences presently has a consensus rating of Buy and an average price target of $60.75.

Avidity Biosciences Trading Up 0.4 %

NASDAQ:RNA opened at $42.33 on Tuesday. Avidity Biosciences has a 52-week low of $4.82 and a 52-week high of $48.80. The stock has a 50-day simple moving average of $43.62 and a 200 day simple moving average of $34.89.

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%. As a group, analysts forecast that Avidity Biosciences will post -3.01 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sarah Boyce sold 32,880 shares of the firm’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 value of $1,446,720.00. Following the completion of the sale, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at $10,325,172. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Sarah Boyce sold 32,880 shares of Avidity Biosciences 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 completion of the sale, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. The disclosure for this sale can be found here. Insiders sold a total of 128,543 shares of company stock valued at $5,543,382 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. Quadrant Capital Group LLC lifted its holdings in Avidity Biosciences by 456.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 2,714 shares during the last quarter. Quarry LP lifted its holdings in 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 purchasing an additional 1,700 shares during the last quarter. nVerses Capital LLC lifted its holdings in 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 purchasing an additional 700 shares during the last quarter. Amalgamated Bank increased its stake in 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 increased its stake in 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.