Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) PT at $60.75

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has been given a consensus rating of "Buy" by the eight brokerages that are currently covering the stock, Marketbeat Ratings reports. Eight research analysts have rated the stock with a buy rating. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $60.75.

A number of analysts have weighed in on the stock. Evercore ISI decreased their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, August 26th. Barclays initiated coverage on Avidity Biosciences in a report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 price target on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a "buy" rating and a $59.00 price target on the stock. Finally, Needham & Company LLC restated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Tuesday, August 13th.

Insider Buying and Selling

In related news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total value of $1,213,800.00. Following the transaction, the chief executive officer now directly owns 205,043 shares in the company, valued at $8,888,614.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the transaction, the insider now directly owns 69,018 shares in the company, valued at approximately $3,036,792. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sarah Boyce sold 28,000 shares of the firm's stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total value of $1,213,800.00. Following the transaction, the chief executive officer now owns 205,043 shares in the company, valued at approximately $8,888,614.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 150,543 shares of company stock worth $6,762,692 in the last ninety days. Corporate insiders own 3.68% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

Large investors have recently bought and sold shares of the stock. Concurrent Investment Advisors LLC bought a new position in Avidity Biosciences during the 1st quarter valued at $664,000. D. E. Shaw & Co. Inc. increased its position in shares of Avidity Biosciences by 2,263.7% during the 2nd 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 last quarter. Sofinnova Investments Inc. purchased a new stake in shares of Avidity Biosciences during the 2nd quarter valued at $875,000. Darwin Global Management Ltd. purchased a new stake in shares of Avidity Biosciences during the 2nd quarter valued at $8,108,000. Finally, American Century Companies Inc. increased its position in shares of Avidity Biosciences by 18.5% during the 2nd quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company's stock valued at $6,725,000 after purchasing an additional 25,663 shares during the last quarter.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded up $1.93 on Friday, hitting $50.45. The stock had a trading volume of 1,212,022 shares, compared to its average volume of 1,344,483. The firm has a market capitalization of $5.54 billion, a P/E ratio of -17.16 and a beta of 0.89. The stock has a 50 day moving average of $44.33 and a 200 day moving average of $37.25. Avidity Biosciences has a twelve month low of $4.82 and a twelve month high of $50.78.

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