Brokerages Set Avidity Biosciences, Inc. (NASDAQ:RNA) Price Target at $66.69

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned an average recommendation of “Buy” from the thirteen research firms that are covering the stock, Marketbeat.com reports. Thirteen investment analysts have rated the stock with a buy rating. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $66.69.

A number of brokerages have recently weighed in on RNA. Scotiabank began coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Finally, Citigroup began coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective on the stock.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Steven George Hughes sold 9,578 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the transaction, the insider now owns 72,850 shares in the company, valued at approximately $2,262,721. This represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the transaction, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,443 shares of company stock worth $2,241,889 over the last three months. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RNA. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences during the 3rd quarter worth about $27,000. TD Waterhouse Canada Inc. raised its position 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 worth $29,000 after purchasing an additional 866 shares during the last quarter. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences during the 4th quarter worth about $38,000. Headlands Technologies LLC acquired a new position in shares of Avidity Biosciences during the 4th quarter worth about $60,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Avidity Biosciences during the 4th quarter worth about $73,000.

Avidity Biosciences Trading Up 0.0 %

NASDAQ RNA opened at $30.84 on Tuesday. The firm’s fifty day simple moving average is $31.11 and its two-hundred day simple moving average is $37.47. Avidity Biosciences has a 12-month low of $21.56 and a 12-month high of $56.00. The firm has a market capitalization of $3.71 billion, a P/E ratio of -10.71 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results 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 return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. As a group, sell-side analysts predict 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.