Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Consensus Recommendation of "Buy" from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has been assigned an average recommendation of "Buy" from the thirteen brokerages that are covering the company, MarketBeat.com reports. Thirteen research analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $66.69.

A number of research analysts have weighed in on RNA shares. Chardan Capital restated a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Citigroup began coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. HC Wainwright reiterated a "buy" rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Barclays lowered their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th.

Avidity Biosciences Trading Down 3.7 %

RNA traded down $1.00 during midday trading on Friday, hitting $25.68. 556,624 shares of the company traded hands, compared to its average volume of 1,392,648. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of -8.92 and a beta of 1.01. The business has a 50 day simple moving average of $29.98 and a two-hundred day simple moving average of $35.57. Avidity Biosciences has a 52-week low of $21.51 and a 52-week high of $56.00.

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Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $2.97 million during 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%. Equities research analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 2,959 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the sale, the insider now owns 104,908 shares in the company, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arthur A. Levin sold 1,872 shares of the company's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the transaction, the director now owns 12,958 shares in the company, valued at $370,598.80. This trade represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 79,318 shares of company stock worth $2,405,390. Company insiders own 3.68% of the company's stock.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its stake in Avidity Biosciences by 411.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 207,372 shares of the biotechnology company's stock worth $6,122,000 after acquiring an additional 166,813 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Avidity Biosciences in the first quarter valued at approximately $516,000. Mirador Capital Partners LP grew its holdings in shares of Avidity Biosciences by 10.0% in the first 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 in the last quarter. Rhumbline Advisers increased its stake in Avidity Biosciences by 7.1% during the 1st quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company's stock worth $4,864,000 after buying an additional 10,973 shares during the period. Finally, Parallel Advisors LLC increased its stake in Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after buying an additional 515 shares during the period.

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.