Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) PT at $41.33

Avidity Biosciences, Inc. (NASDAQ:RNA) has received an average rating of “Buy” from the six brokerages that are presently covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $41.33.

Several research analysts have commented on RNA shares. Chardan Capital restated a “buy” rating and issued a $33.00 price objective on shares of Avidity Biosciences in a report on Friday, May 10th. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a research note on Friday, May 10th. Finally, Bank of America initiated coverage on shares of Avidity Biosciences in a research note on Friday, May 3rd. They issued a “buy” rating and a $40.00 price target for the company.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $338,420.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Michael F. Maclean sold 75,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $28.28, for a total value of $2,121,000.00. Following the sale, the chief financial officer now owns 44,093 shares in the company, valued at $1,246,950.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Friday, April 19th. The shares were sold at an average price of $22.82, for a total transaction of $114,100.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $338,420.60. The disclosure for this sale can be found here. Insiders sold a total of 312,641 shares of company stock valued at $7,662,051 in the last three months. 3.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently added to or reduced their stakes in RNA. Nisa Investment Advisors LLC boosted its position in shares of Avidity Biosciences by 15,900.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 3,180 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after buying an additional 2,714 shares during the period. Aigen Investment Management LP purchased a new position in shares of Avidity Biosciences during the third quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Avidity Biosciences by 352.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after buying an additional 6,675 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in shares of Avidity Biosciences by 43.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock valued at $95,000 after buying an additional 3,182 shares during the period.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $27.45 on Wednesday. Avidity Biosciences has a 52-week low of $4.82 and a 52-week high of $30.84. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of -9.31 and a beta of 0.79. The company has a fifty day moving average of $25.60 and a 200-day moving average of $16.27.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.02. The company had revenue of $3.54 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. On average, equities research analysts forecast that Avidity Biosciences will post -3.1 earnings per share for the current fiscal year.

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.