Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $66.69 Consensus Target Price from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has received an average recommendation of “Buy” from the thirteen research firms that are covering the stock, Marketbeat.com reports. Thirteen research analysts have rated the stock with a buy recommendation. The average 12 month price target among analysts that have issued a report on the stock in the last year is $66.69.

RNA has been the subject of several research reports. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective for the company. Citigroup began coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective for the company. Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Barclays dropped their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, Bank of America dropped their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 10th.

Insider Buying and Selling

In related news, insider Teresa Mccarthy sold 2,959 shares of the 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 owns 104,908 shares of the company’s stock, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. This trade represents a 9.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,443 shares of company stock valued at $2,241,889. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds have recently added to or reduced their stakes in RNA. Victory Capital Management Inc. lifted its holdings in Avidity Biosciences by 52.1% during the 3rd quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock worth $1,524,000 after buying an additional 11,367 shares in the last quarter. Quest Partners LLC lifted its holdings 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Avidity Biosciences by 3,836.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,025 shares of the biotechnology company’s stock valued at $9,968,000 after purchasing an additional 211,512 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Avidity Biosciences in the 3rd quarter valued at $1,701,000. Finally, Landscape Capital Management L.L.C. acquired a new stake in shares of Avidity Biosciences in the 3rd quarter valued at $265,000.

Avidity Biosciences Trading Up 0.0 %

Shares of NASDAQ RNA opened at $30.84 on Tuesday. Avidity Biosciences has a 12-month low of $21.56 and a 12-month high of $56.00. The stock has a market cap of $3.71 billion, a PE ratio of -10.71 and a beta of 1.02. The company has a 50-day moving average of $31.11 and a 200 day moving average of $37.47.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data 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). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. On average, sell-side analysts forecast that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

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.