Avidity Biosciences' (RNA) "Buy" Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA - Free Report) in a research note released on Monday,Benzinga reports. The brokerage currently has a $60.00 price target on the biotechnology company's stock.

RNA has been the subject of several other research reports. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price for the company. Bank of America lowered their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Chardan Capital reissued a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Monday. 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 reiterated an "outperform" rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $66.69.

Avidity Biosciences Stock Up 0.0 %

Avidity Biosciences stock traded up $0.01 during mid-day trading on Monday, hitting $30.84. 1,849,399 shares of the company's stock were exchanged, compared to its average volume of 1,314,704. The company's 50 day simple moving average is $31.08 and its 200-day simple moving average is $37.58. Avidity Biosciences has a fifty-two week low of $21.56 and a fifty-two week high of $56.00. The firm has a market capitalization of $3.71 billion, a P/E ratio of -10.71 and a beta of 1.02.

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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) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company had revenue of $2.97 million during 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%. Research analysts expect that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling

In other news, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the sale, the director now directly owns 12,958 shares in the company, valued at $370,598.80. The trade was a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now owns 104,908 shares of the company's stock, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,443 shares of company stock worth $2,241,889. 3.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock valued at $322,931,000 after buying an additional 3,228,923 shares during the period. Janus Henderson Group PLC raised its holdings in Avidity Biosciences by 44.1% during the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after acquiring an additional 2,156,844 shares during the period. Boxer Capital Management LLC purchased a new stake in shares of Avidity Biosciences during the fourth quarter worth $50,232,000. State Street Corp boosted its holdings in shares of Avidity Biosciences by 41.7% in the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock worth $216,151,000 after acquiring an additional 1,386,087 shares during the period. Finally, RA Capital Management L.P. grew its position in shares of Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock valued at $289,378,000 after purchasing an additional 900,000 shares in the last quarter.

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.