Needham & Company LLC Reaffirms "Buy" Rating for Avidity Biosciences (NASDAQ:RNA)

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "buy" rating reissued by Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $60.00 price objective on the biotechnology company's stock. Needham & Company LLC's price target points to a potential upside of 128.83% from the stock's current price.

A number of other analysts have also recently issued reports on RNA. Barclays decreased their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price on the stock. Chardan Capital reiterated a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Royal Bank of Canada reissued an "outperform" rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, Citigroup initiated coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a "buy" rating and a $70.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $66.69.

Remove Ads

Avidity Biosciences Stock Up 2.5 %

Avidity Biosciences stock traded up $0.64 during mid-day trading on Wednesday, hitting $26.22. The company had a trading volume of 231,637 shares, compared to its average volume of 1,388,256. Avidity Biosciences has a 1 year low of $21.51 and a 1 year high of $56.00. The business has a fifty day moving average of $30.31 and a 200 day moving average of $35.74. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of -9.10 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.97 million during the quarter, compared to analysts' expectations of $1.74 million. Equities analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at $1,406,917.82. This trade represents a 10.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of the business'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 $84,597.81. Following the sale, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. This represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 79,318 shares of company stock valued at $2,405,390. Corporate insiders own 3.68% of the company's stock.

Institutional Trading of Avidity Biosciences

A number of institutional investors have recently bought and sold shares of the company. Mirador Capital Partners LP boosted its position in shares of Avidity Biosciences by 10.0% in the 1st quarter. Mirador Capital Partners LP now owns 28,200 shares of the biotechnology company's stock worth $832,000 after buying an additional 2,569 shares in the last quarter. Rhumbline Advisers grew its position in Avidity Biosciences by 7.1% during the first quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company's stock valued at $4,864,000 after acquiring an additional 10,973 shares during the period. Parallel Advisors LLC grew its stake in Avidity Biosciences by 43.3% during the first 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. GAMMA Investing LLC grew its stake in Avidity Biosciences by 3,267.5% during the first quarter. GAMMA Investing LLC now owns 66,272 shares of the biotechnology company's stock worth $1,956,000 after buying an additional 64,304 shares during the period. Finally, California State Teachers Retirement System increased its position in shares of Avidity Biosciences by 9.2% in the fourth quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company's stock worth $2,459,000 after acquiring an additional 7,148 shares in the last quarter.

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.