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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) have been assigned a consensus rating of "Buy" from the thirteen analysts that are presently covering the company, Marketbeat.com reports. Thirteen research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $66.69.

A number of equities analysts have commented on RNA shares. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price for the company. Bank of America reduced their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Scotiabank initiated coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Monday. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st.

Insiders Place Their Bets

In related news, CFO Michael F. Maclean sold 3,287 shares of the firm's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $93,975.33. Following the sale, the chief financial officer now directly owns 104,655 shares of the company's stock, valued at $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at $1,625,816.64. 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 ninety days, insiders sold 24,390 shares of company stock valued at $718,303. 3.68% of the stock is owned by insiders.

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Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently made changes to their positions in RNA. National Bank of Canada FI acquired a new stake in Avidity Biosciences during the third quarter valued at $27,000. TD Waterhouse Canada Inc. grew its position in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 866 shares during the period. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at about $38,000. Headlands Technologies LLC acquired a new position in Avidity Biosciences in the 4th quarter worth about $60,000. Finally, GF Fund Management CO. LTD. purchased a new position in Avidity Biosciences during the fourth quarter worth approximately $73,000.

Avidity Biosciences Stock Up 0.0 %

Shares of NASDAQ RNA traded up $0.01 during midday trading on Tuesday, reaching $30.84. 1,849,396 shares of the company's stock traded hands, compared to its average volume of 1,314,704. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02. The stock's 50 day simple moving average is $31.08 and its 200-day simple moving average is $37.58. Avidity Biosciences has a one year low of $21.56 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results 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 company had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities analysts predict that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

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.