Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $64.36 Average Target Price from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has been assigned an average rating of "Buy" from the eleven brokerages that are presently covering the company, Marketbeat Ratings reports. Eleven analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have covered the stock in the last year is $64.36.

A number of brokerages have commented on RNA. Chardan Capital reaffirmed a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Cantor Fitzgerald restated an "overweight" rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a "buy" rating and a $59.00 target price for the company. TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Finally, Royal Bank of Canada assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They set an "outperform" rating and a $67.00 price objective for the company.

Avidity Biosciences Stock Up 7.2 %

RNA traded up $2.10 during midday trading on Thursday, hitting $31.18. 1,297,199 shares of the company were exchanged, compared to its average volume of 1,310,068. The firm has a market capitalization of $3.72 billion, a P/E ratio of -10.83 and a beta of 0.89. Avidity Biosciences has a 1-year low of $8.95 and a 1-year high of $56.00. The firm's 50 day moving average price is $39.62 and its 200-day moving average price is $42.17.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts' consensus estimates of ($0.79) by $0.14. The company had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, sell-side analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In other news, insider W. Michael Flanagan sold 24,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total value of $858,480.00. Following the transaction, the insider now owns 85,389 shares in the company, valued at $3,054,364.53. This trade represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tamar Thompson sold 30,000 shares of the company's stock in a transaction on Monday, October 7th. The stock was sold at an average price of $44.98, for a total value of $1,349,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 193,071 shares of company stock valued at $7,474,724. 3.68% of the stock is owned by company insiders.

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences during the third quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences in the 3rd quarter valued at $30,000. Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $32,000. Quarry LP raised its stake in shares of Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock worth $82,000 after purchasing an additional 1,700 shares during the period. Finally, Quest Partners LLC raised its stake in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock worth $93,000 after purchasing an additional 1,392 shares during the period.

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.