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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been given an average rating of “Buy” by the thirteen analysts that are presently covering the firm, MarketBeat.com reports. Thirteen research analysts have rated the stock with a buy rating. 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 research analysts have issued reports on the stock. Bank of America reduced their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday. Scotiabank began coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Citigroup initiated coverage on Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price for the company.

Avidity Biosciences Stock Down 2.9 %

NASDAQ RNA opened at $27.87 on Wednesday. The company has a 50-day simple moving average of $29.28 and a two-hundred day simple moving average of $33.49. Avidity Biosciences has a 12-month low of $21.51 and a 12-month high of $56.00. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of -9.68 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities analysts expect that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Steven George Hughes sold 9,578 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the sale, the insider now directly owns 72,850 shares in the company, valued at approximately $2,262,721. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at $1,406,917.82. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,803 shares of company stock valued at $1,877,437. 3.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC lifted its position in Avidity Biosciences by 44.1% during the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after purchasing an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC bought a new position in shares of Avidity Biosciences during the 4th quarter valued at approximately $50,232,000. Wellington Management Group LLP increased its holdings in Avidity Biosciences by 15.3% in the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after acquiring an additional 1,075,148 shares in the last quarter. Norges Bank bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $21,077,000. Finally, Avoro Capital Advisors LLC lifted its holdings in Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock valued at $218,100,000 after purchasing an additional 625,000 shares in 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.