TD Cowen Increases Avidity Biosciences (NASDAQ:RNA) Price Target to $78.00

Avidity Biosciences (NASDAQ:RNA - Free Report) had its price objective upped by TD Cowen from $56.00 to $78.00 in a report issued on Monday morning, Benzinga reports. They currently have a buy rating on the biotechnology company's stock.

Other analysts have also recently issued research reports about the company. Chardan Capital upped their price target on Avidity Biosciences from $45.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a "buy" rating and a $59.00 target price on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. Barclays started coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $62.67.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded down $3.74 during trading on Monday, hitting $46.71. The company's stock had a trading volume of 1,167,555 shares, compared to its average volume of 1,343,612. The company has a 50-day moving average of $44.37 and a 200-day moving average of $37.56. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of -15.83 and a beta of 0.89. Avidity Biosciences has a 12 month low of $4.82 and a 12 month high of $50.78.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.11. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. The business had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. As a group, research analysts anticipate that Avidity Biosciences will post -3.01 earnings per share for the current year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00. Following the sale, the insider now owns 94,018 shares of the company's stock, valued at $4,561,753.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Tamar Thompson sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $44.98, for a total value of $1,349,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the sale, the insider now owns 94,018 shares in the company, valued at $4,561,753.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,543 shares of company stock worth $6,762,692. Corporate insiders own 3.68% of the company's stock.

Institutional Trading of Avidity Biosciences

Several institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Avidity Biosciences by 7.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company's stock worth $189,592,000 after purchasing an additional 516,446 shares during the last quarter. Avoro Capital Advisors LLC grew its stake in Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company's stock worth $265,729,000 after acquiring an additional 680,000 shares in the last quarter. RA Capital Management L.P. increased its position in shares of Avidity Biosciences by 33.7% during the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company's stock worth $83,761,000 after acquiring an additional 827,647 shares during the period. Janus Henderson Group PLC raised its stake in shares of Avidity Biosciences by 4,661.3% during the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company's stock valued at $31,704,000 after acquiring an additional 1,216,730 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after purchasing an additional 707,773 shares during the period.

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.