Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $66.69 Consensus PT from Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have received an average recommendation of “Buy” from the thirteen analysts that are currently covering the stock, MarketBeat Ratings reports. Thirteen analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $66.69.

A number of equities research analysts recently issued reports on RNA shares. Barclays dropped their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Citigroup assumed coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. BMO Capital Markets initiated coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th.

Avidity Biosciences Price Performance

RNA opened at $26.91 on Friday. The company’s 50 day simple moving average is $30.15 and its two-hundred day simple moving average is $35.63. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of -9.34 and a beta of 1.01. Avidity Biosciences has a 1-year low of $21.51 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 1,872 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares of the company’s stock, valued at $370,598.80. The trade was a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the sale, the chief executive officer now directly owns 305,871 shares in the company, valued at $9,500,353.26. This represents a 9.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,318 shares of company stock worth $2,405,390. 3.68% of the stock is currently owned by company insiders.

Institutional Trading of Avidity Biosciences

A number of large investors have recently made changes to their positions in RNA. Mirador Capital Partners LP increased its position in shares of Avidity Biosciences by 10.0% in the 1st quarter. Mirador Capital Partners LP now owns 28,200 shares of the biotechnology company’s stock valued at $832,000 after purchasing an additional 2,569 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Avidity Biosciences by 7.1% during the first quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company’s stock worth $4,864,000 after purchasing an additional 10,973 shares in the last quarter. Parallel Advisors LLC increased 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 valued at $50,000 after buying an additional 515 shares during the last quarter. GAMMA Investing LLC raised its stake in Avidity Biosciences by 3,267.5% in the first quarter. GAMMA Investing LLC now owns 66,272 shares of the biotechnology company’s stock valued at $1,956,000 after buying an additional 64,304 shares in the last quarter. Finally, California State Teachers Retirement System lifted its holdings in Avidity Biosciences by 9.2% during the 4th quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company’s stock worth $2,459,000 after buying an additional 7,148 shares during the last quarter.

About Avidity Biosciences

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.