Avidity Biosciences, Inc. (NASDAQ:RNA) Given Average Rating of "Buy" by Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has been assigned a consensus rating of "Buy" from the ten analysts that are presently covering the company, MarketBeat.com reports. Ten research analysts have rated the stock with a buy rating. The average 1 year price objective among analysts that have covered the stock in the last year is $63.60.

A number of equities analysts recently commented on the stock. Needham & Company LLC reiterated a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen increased their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Royal Bank of Canada began coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They set an "outperform" rating and a $67.00 target price on the stock. Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 target price on the stock. Finally, Chardan Capital reaffirmed a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th.

Avidity Biosciences Trading Up 3.8 %

RNA stock traded up $1.39 during mid-day trading on Friday, reaching $38.27. The company's stock had a trading volume of 974,377 shares, compared to its average volume of 1,166,459. Avidity Biosciences has a 12 month low of $6.79 and a 12 month high of $56.00. The business's 50 day moving average price is $44.94 and its 200 day moving average price is $41.82. The company has a market cap of $4.57 billion, a price-to-earnings ratio of -13.29 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million during 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%. As a group, equities analysts expect that Avidity Biosciences will post -2.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 3,323 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at approximately $624,639.60. This represents a 18.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $3,867,900.52. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 150,866 shares of company stock valued at $6,724,557 over the last ninety days. Corporate insiders own 3.68% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

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