Brokerages Set Avidity Biosciences, Inc. (NASDAQ:RNA) Price Target at $61.00

Avidity Biosciences, Inc. (NASDAQ:RNA) has received a consensus recommendation of “Buy” from the eight brokerages that are covering the firm, Marketbeat Ratings reports. Eight research analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $60.75.

A number of analysts have issued reports on the company. Bank of America raised their target price on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Evercore ISI cut their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Chardan Capital increased their price target on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Barclays assumed coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock.

Avidity Biosciences Trading Up 8.5 %

NASDAQ RNA opened at $45.93 on Tuesday. The company has a market cap of $4.39 billion, a P/E ratio of -15.57 and a beta of 0.89. Avidity Biosciences has a 1 year low of $4.82 and a 1 year high of $48.80. The company has a fifty day simple moving average of $43.62 and a 200 day simple moving average of $35.20.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. The company had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. Equities research analysts forecast that Avidity Biosciences will post -3.01 EPS for the current fiscal year.

Insider Activity

In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the sale, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at $8,187,366.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the transaction, the insider now directly owns 69,018 shares in the company, valued at $3,036,792. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the sale, the chief executive officer now directly owns 205,043 shares in the company, valued at $8,187,366.99. The disclosure for this sale can be found here. In the last 90 days, insiders sold 128,543 shares of company stock worth $5,543,382. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RNA. Quadrant Capital Group LLC increased its holdings in Avidity Biosciences by 456.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. Quarry LP grew its holdings in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the last quarter. nVerses Capital LLC grew its holdings in shares of Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 700 shares during the last quarter. Amalgamated Bank increased its stake in shares of Avidity Biosciences by 39.0% in the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after buying an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Avidity Biosciences by 32.4% in the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after buying an additional 1,076 shares during the last quarter.

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.