Needham & Company LLC Reaffirms Buy Rating for Avidity Biosciences (NASDAQ:RNA)

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

Other equities analysts have also issued research reports about the company. 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 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Chardan Capital raised their target price on shares of Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Evercore ISI cut their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Finally, TD Cowen raised their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Nine 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 an average target price of $63.22.

Avidity Biosciences Price Performance

RNA stock opened at $42.18 on Wednesday. Avidity Biosciences has a 1-year low of $5.68 and a 1-year high of $56.00. The business’s 50 day simple moving average is $45.26 and its 200 day simple moving average is $40.31.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, analysts anticipate that Avidity Biosciences will post -2.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $691,522.90. This represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the sale, the chief executive officer now owns 234,663 shares in the company, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,543 shares of company stock worth $5,782,042 over the last three months. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RNA. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences in the third quarter valued at approximately $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences in the 3rd quarter valued at approximately $32,000. Quarry LP boosted its position in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after buying an additional 1,700 shares during the period. Finally, Quest Partners LLC boosted its position in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after buying an additional 1,392 shares during the period.

Avidity Biosciences Company Profile

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.