Avidity Biosciences (NASDAQ:RNA) PT Raised to $78.00

Avidity Biosciences (NASDAQ:RNA) had its target price increased by stock analysts at TD Cowen from $56.00 to $78.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. TD Cowen’s target price points to a potential upside of 64.63% from the company’s current price.

RNA has been the subject of a number of other reports. Barclays started coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective for the company. The Goldman Sachs Group started coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price for the company. Evercore ISI dropped their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $62.67.

Avidity Biosciences Price Performance

RNA stock opened at $47.38 on Monday. The company has a fifty day moving average price of $44.37 and a two-hundred day moving average price of $37.56. Avidity Biosciences has a one year low of $4.82 and a one year high of $50.78. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of -16.12 and a beta of 0.89.

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

Insider Activity at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 25,000 shares of the business’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 completion of the transaction, the insider now owns 94,018 shares of the company’s stock, valued at $4,561,753.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Teresa Mccarthy sold 25,000 shares of the business’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 completion of the transaction, the insider now owns 94,018 shares of the company’s stock, valued at $4,561,753.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at approximately $678,175.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 150,543 shares of company stock valued at $6,762,692 over the last quarter. 3.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences in the third quarter valued at about $30,000. 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 grew its holdings in shares of Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 982 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after purchasing 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.