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

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report released on Monday,Benzinga reports. They currently have a $60.00 price target on the biotechnology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 96.85% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Bank of America reduced their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Citigroup began coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price for the company. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price for the company. Scotiabank started coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Monday. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Trading Down 9.9 %

Shares of RNA stock opened at $30.48 on Monday. The stock has a market capitalization of $3.66 billion, a P/E ratio of -10.58 and a beta of 1.02. The firm’s 50 day moving average is $31.03 and its 200 day moving average is $37.67. Avidity Biosciences has a 12 month low of $21.56 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities analysts predict that Avidity Biosciences will post -2.89 EPS for the current year.

Insiders Place Their Bets

In other news, insider Teresa Mccarthy sold 2,959 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the transaction, the insider now directly owns 104,908 shares of the company’s stock, valued at $2,999,319.72. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $93,975.33. Following the transaction, the chief financial officer now directly owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,390 shares of company stock worth $718,303 in the last three months. Corporate insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. National Bank of Canada FI acquired a new stake in Avidity Biosciences during the 3rd quarter worth $27,000. TD Waterhouse Canada Inc. raised its holdings in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 866 shares during the period. Van ECK Associates Corp purchased a new stake in Avidity Biosciences during the fourth quarter worth about $38,000. Headlands Technologies LLC purchased a new stake in Avidity Biosciences during the fourth quarter worth about $60,000. Finally, GF Fund Management CO. LTD. purchased a new stake in Avidity Biosciences during the fourth quarter worth about $73,000.

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.