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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNAGet Free Report) have received a consensus recommendation of “Buy” from the ten analysts that are covering the firm, MarketBeat reports. Ten equities research analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have covered the stock in the last year is $65.80.

Several analysts have weighed in on RNA shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. TD Cowen boosted 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. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada began coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price target on the stock.

Get Our Latest Stock Analysis on RNA

Insider Transactions at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated 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 approximately $691,522.90. This represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 94,018 shares in the company, valued at approximately $4,561,753.36. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 163,071 shares of company stock worth $6,125,324 in the last quarter. 3.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its holdings in shares of Avidity Biosciences by 46.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 363,953 shares of the biotechnology company’s stock valued at $14,867,000 after buying an additional 115,676 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Avidity Biosciences by 48.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,277 shares of the biotechnology company’s stock worth $910,000 after purchasing an additional 7,258 shares during the period. Rhumbline Advisers raised its position in shares of Avidity Biosciences by 19.0% during the second quarter. Rhumbline Advisers now owns 141,481 shares of the biotechnology company’s stock worth $5,779,000 after purchasing an additional 22,604 shares during the period. TD Asset Management Inc raised its position in shares of Avidity Biosciences by 140.7% during the second quarter. TD Asset Management Inc now owns 513,338 shares of the biotechnology company’s stock worth $20,970,000 after purchasing an additional 300,054 shares during the period. Finally, 9258 Wealth Management LLC bought a new position in shares of Avidity Biosciences during the 2nd quarter valued at about $394,000.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $29.93 on Thursday. The business has a 50 day simple moving average of $38.22 and a 200 day simple moving average of $41.89. Avidity Biosciences has a one year low of $9.93 and a one year high of $56.00. The company has a market capitalization of $3.57 billion, a PE ratio of -10.39 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNAGet Free Report) last issued its earnings results 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 company 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%. Equities analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Avidity Biosciences Company Profile

(Get Free Report

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.

Further Reading

Analyst Recommendations for Avidity Biosciences (NASDAQ:RNA)

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