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

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has earned an average recommendation of "Buy" from the nine research firms that are currently covering the stock, Marketbeat.com reports. Nine research analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $63.22.

A number of equities analysts have issued reports on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Chardan Capital reaffirmed a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday. Barclays assumed coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 price objective on the stock. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday. Finally, Evercore ISI cut their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, August 26th.

Insider Activity

In other news, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the sale, the chief executive officer now owns 234,663 shares of the company's stock, valued at approximately $10,325,172. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Sarah Boyce sold 32,880 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now owns 234,663 shares in the company, valued at $10,325,172. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 that occurred on Monday, October 7th. The shares were 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. Over the last 90 days, insiders sold 127,543 shares of company stock valued at $5,782,042. 3.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences during the 3rd quarter valued at about $30,000. Values First Advisors Inc. bought a new position in shares of Avidity Biosciences during the 3rd quarter valued at approximately $32,000. Quarry LP grew 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 valued at $82,000 after acquiring an additional 1,700 shares during the period. Quest Partners LLC lifted its holdings in Avidity Biosciences by 217.8% in 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 in the last quarter. Finally, nVerses Capital LLC lifted its holdings in Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company's stock worth $139,000 after purchasing an additional 700 shares in the last quarter.

Avidity Biosciences Price Performance

NASDAQ RNA traded up $5.77 during trading hours on Wednesday, reaching $52.50. The company's stock had a trading volume of 3,217,970 shares, compared to its average volume of 1,315,258. The firm has a fifty day simple moving average of $44.83 and a 200-day simple moving average of $39.92. The stock has a market cap of $6.26 billion, a P/E ratio of -18.23 and a beta of 0.91. Avidity Biosciences has a 52 week low of $5.68 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. On average, research analysts expect that Avidity Biosciences will post -2.91 earnings per share for the current 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.