Avidity Biosciences, Inc. (NASDAQ:RNA) Given Average Rating of “Buy” by Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA) has been assigned a consensus recommendation of “Buy” from the ten brokerages that are presently covering the company, MarketBeat.com reports. Ten equities research analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have covered the stock in the last year is $65.80.

Several brokerages recently commented on RNA. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright began coverage on Avidity Biosciences in a report on Friday, December 20th. They issued a “buy” rating and a $72.00 price objective for the company. Royal Bank of Canada assumed coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price on the stock. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Finally, Chardan Capital reissued a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th.

Avidity Biosciences Trading Down 2.8 %

Shares of NASDAQ RNA opened at $29.93 on Thursday. The firm has a market cap of $3.57 billion, a PE ratio of -10.39 and a beta of 0.99. The company has a fifty day moving average price of $38.22 and a 200 day moving average price of $41.89. Avidity Biosciences has a 1-year low of $9.93 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $7.09 million. Equities research analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling

In related news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00. Following the completion of the sale, the insider now directly owns 94,018 shares in the company, valued at $4,561,753.36. The trade was a 21.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction, the director now owns 14,830 shares in the company, valued at $691,522.90. The trade was a 25.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 163,071 shares of company stock valued at $6,125,324. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Lord Abbett & CO. LLC raised its position in shares of Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock valued at $24,766,000 after buying an additional 124,867 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in 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 acquiring an additional 197,065 shares in the last quarter. RA Capital Management L.P. lifted 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 valued at $289,378,000 after acquiring an additional 900,000 shares during the period. D. E. Shaw & Co. Inc. grew its holdings in shares of Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after purchasing an additional 707,773 shares in the last quarter. Finally, Sofinnova Investments Inc. bought a new position in shares of Avidity Biosciences in the second quarter worth $875,000.

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.