Avidity Biosciences’ (RNA) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a report published on Wednesday morning,Benzinga reports. They currently have a $60.00 target price on the biotechnology company’s stock.

Several other research firms have also issued reports on RNA. Barclays began coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price for the company. Evercore ISI dropped their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Finally, TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and a consensus price target of $63.22.

Avidity Biosciences Stock Down 15.6 %

Avidity Biosciences stock opened at $42.18 on Wednesday. The stock’s 50 day moving average is $45.26 and its 200 day moving average is $40.31. Avidity Biosciences has a one year low of $5.68 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly 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. 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 $2.34 million during the quarter, compared to analyst estimates of $7.09 million. On average, equities research analysts forecast that Avidity Biosciences will post -2.9 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $45.19, for a total transaction of $225,950.00. Following the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $670,167.70. This trade represents a 25.21 % decrease in their position. 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 company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. The trade was a 16.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 127,543 shares of company stock valued at $5,782,042. 3.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after buying an additional 689,729 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Avidity Biosciences by 7.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after purchasing an additional 516,446 shares during the last quarter. Wellington Management Group LLP grew its stake in Avidity Biosciences by 84.9% in the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after purchasing an additional 3,228,923 shares during the period. Avoro Capital Advisors LLC increased its position in shares of Avidity Biosciences by 11.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after purchasing an additional 680,000 shares during the last quarter. Finally, RA Capital Management L.P. raised its stake 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 purchasing an additional 900,000 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.