Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $65.80 Average Price Target from Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA) has received an average recommendation of “Buy” from the ten analysts that are covering the firm, Marketbeat reports. Ten equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have covered the stock in the last year is $65.80.

A number of research firms have weighed in on RNA. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Friday, January 10th. Finally, Chardan Capital reissued a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th.

Insider Activity

In other Avidity Biosciences news, insider W. Michael Flanagan sold 24,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total value of $858,480.00. Following the completion of the transaction, the insider now owns 85,389 shares of the company’s stock, valued at $3,054,364.53. The trade was a 21.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur A. Levin sold 3,323 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $624,639.60. This represents a 18.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 151,586 shares of company stock valued at $5,208,537 over the last quarter. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Lord Abbett & CO. LLC boosted its stake in shares of Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock valued at $24,766,000 after purchasing an additional 124,867 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Avidity Biosciences by 24.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock valued at $45,479,000 after purchasing an additional 197,065 shares in the last quarter. RA Capital Management L.P. boosted its stake in shares of Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after purchasing an additional 900,000 shares in the last quarter. D. E. Shaw & Co. Inc. boosted 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 purchasing an additional 707,773 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after purchasing an additional 689,729 shares in the last quarter.

Avidity Biosciences Stock Up 0.9 %

Shares of NASDAQ RNA opened at $32.93 on Monday. The firm has a market cap of $3.93 billion, a PE ratio of -11.43 and a beta of 0.99. Avidity Biosciences has a 12-month low of $11.23 and a 12-month high of $56.00. The company’s fifty day simple moving average is $33.05 and its 200 day simple moving average is $40.56.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. The business had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.

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.