Avidity Biosciences’ (RNA) Buy Rating Reaffirmed at Needham & Company LLC

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They presently have a $60.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 81.00% from the stock’s previous close.

Several other research analysts also recently weighed in on RNA. HC Wainwright reiterated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research report on Monday. Bank of America cut their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Barclays lowered their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Scotiabank initiated coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Stock Up 6.6 %

Shares of RNA stock traded up $2.04 during trading hours on Monday, hitting $33.15. 464,781 shares of the company’s stock traded hands, compared to its average volume of 1,311,323. The stock’s fifty day simple moving average is $30.99 and its two-hundred day simple moving average is $37.83. Avidity Biosciences has a 12-month low of $21.56 and a 12-month high of $56.00. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of -11.48 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. On average, equities analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now owns 12,958 shares in the company, valued at $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the transaction, the chief executive officer now directly owns 265,308 shares in the company, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,138 shares of company stock valued at $2,539,032 in the last ninety days. Insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd bought a new stake in shares of Avidity Biosciences during the fourth quarter valued at approximately $386,000. Lord Abbett & CO. LLC raised its position in Avidity Biosciences by 30.1% during 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. lifted its holdings 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 worth $45,479,000 after buying an additional 197,065 shares during the period. RA Capital Management L.P. grew its position in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after buying an additional 900,000 shares in the last quarter. Finally, FMR LLC increased its stake in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after buying an additional 689,729 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.