Avidity Biosciences (NASDAQ:RNA) Stock Rating Upgraded by The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Avidity Biosciences (NASDAQ:RNA) to a buy rating in a research note released on Thursday morning, Marketbeat reports. The brokerage currently has $55.00 target price on the biotechnology company’s stock.

A number of other equities analysts have also recently commented on RNA. Wolfe Research initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They issued an “outperform” rating and a $55.00 price target for the company. HC Wainwright cut their target price on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Raymond James Financial started coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They set a “strong-buy” rating and a $65.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. increased their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Sixteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $66.35.

Avidity Biosciences Stock Down 0.1%

Avidity Biosciences stock opened at $31.45 on Thursday. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of -10.48 and a beta of 0.91. The business has a 50-day simple moving average of $30.47 and a 200 day simple moving average of $30.28. Avidity Biosciences has a 52 week low of $21.51 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. On average, research analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 911 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $30.24, for a total value of $27,548.64. Following the sale, the insider owned 50,392 shares of the company’s stock, valued at $1,523,854.08. This trade represents a 1.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider W. Michael Flanagan sold 20,000 shares of the business’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total transaction of $657,600.00. Following the completion of the transaction, the insider owned 80,195 shares in the company, valued at $2,636,811.60. The trade was a 19.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,661 shares of company stock valued at $1,066,319 over the last quarter. 3.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RNA. TD Waterhouse Canada Inc. boosted its stake in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after buying an additional 515 shares during the period. Headlands Technologies LLC purchased a new stake in Avidity Biosciences in the fourth quarter worth about $60,000. GF Fund Management CO. LTD. bought a new stake in Avidity Biosciences during the 4th quarter valued at approximately $73,000. Finally, IFP Advisors Inc grew its holdings in shares of Avidity Biosciences by 123.2% during the 1st quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company’s stock worth $96,000 after acquiring an additional 1,787 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.