Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) Price Target at $65.80

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been given an average recommendation of “Buy” by the ten brokerages that are covering the stock, MarketBeat.com reports. Ten research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have covered the stock in the last year is $65.80.

Several analysts recently weighed in on RNA shares. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday, January 21st. TD Cowen boosted their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Chardan Capital restated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Friday, January 10th.

Insider Activity

In related news, Director Arthur A. Levin sold 1,872 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the sale, the director now owns 12,958 shares in the company, valued at $370,598.80. This represents a 12.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the completion of the sale, the chief executive officer now owns 265,308 shares in the company, valued at $8,664,959.28. This represents a 10.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 151,586 shares of company stock worth $5,208,537. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Amalgamated Bank grew its position in Avidity Biosciences by 39.0% in the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 982 shares in the last quarter. Sei Investments Co. grew its position in Avidity Biosciences by 19.3% in the 2nd quarter. Sei Investments Co. now owns 43,721 shares of the biotechnology company’s stock worth $1,786,000 after purchasing an additional 7,086 shares in the last quarter. Xponance Inc. bought a new stake in Avidity Biosciences in the 2nd quarter worth about $262,000. Marshall Wace LLP grew its position in Avidity Biosciences by 9.7% in the 2nd quarter. Marshall Wace LLP now owns 111,770 shares of the biotechnology company’s stock worth $4,566,000 after purchasing an additional 9,906 shares in the last quarter. Finally, Squarepoint Ops LLC grew its position in Avidity Biosciences by 81.1% in the 2nd quarter. Squarepoint Ops LLC now owns 115,508 shares of the biotechnology company’s stock worth $4,719,000 after purchasing an additional 51,743 shares in the last quarter.

Avidity Biosciences Stock Down 0.5 %

Shares of Avidity Biosciences stock opened at $31.92 on Monday. Avidity Biosciences has a twelve month low of $11.23 and a twelve month high of $56.00. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of -11.08 and a beta of 0.99. The company’s fifty day moving average is $33.45 and its 200 day moving average is $40.77.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. As a group, equities analysts anticipate that Avidity Biosciences will post -2.89 earnings per share 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.