Avidity Biosciences (NASDAQ:RNA – Get Free Report)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $60.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price target indicates a potential upside of 38.82% from the company’s current price.
A number of other analysts have also recently weighed in on the company. Barclays assumed coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. Chardan Capital increased their price target on Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. TD Cowen increased their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $63.22.
Read Our Latest Stock Analysis on RNA
Avidity Biosciences Stock Down 3.0 %
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last announced its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The business had revenue of $2.05 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. On average, analysts anticipate that Avidity Biosciences will post -2.99 EPS for the current year.
Insider Activity
In other news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at $691,522.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $46.63, for a total transaction of $233,150.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at approximately $691,522.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction 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 owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 155,543 shares of company stock worth $6,995,842 over the last quarter. Corporate insiders own 3.68% of the company’s stock.
Institutional Trading of Avidity Biosciences
Several hedge funds and other institutional investors have recently modified their holdings of the company. Concurrent Investment Advisors LLC bought a new position in Avidity Biosciences during the first quarter valued at about $664,000. D. E. Shaw & Co. Inc. raised its holdings in Avidity Biosciences by 2,263.7% during the second 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 in the last quarter. Sofinnova Investments Inc. bought a new position in Avidity Biosciences during the second quarter valued at about $875,000. Darwin Global Management Ltd. bought a new position in Avidity Biosciences during the second quarter valued at about $8,108,000. Finally, American Century Companies Inc. raised its holdings in Avidity Biosciences by 18.5% during the second quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock valued at $6,725,000 after buying an additional 25,663 shares in the last quarter.
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.
Recommended Stories
- Five stocks we like better than Avidity Biosciences
- What is the S&P/TSX Index?
- Caterpillar Stock: Market Points to a Buying Opportunity
- How to Invest in Tech Stocks and Top Tech Stocks to Consider
- Big Buybacks Announced: 3 Stocks Insiders Are Banking On
- Insider Trades May Not Tell You What You Think
- Chipotle Serves Up a Price Dip – The Market Is Buying
Receive News & Ratings for Avidity Biosciences Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avidity Biosciences and related companies with MarketBeat.com's FREE daily email newsletter.