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

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They presently have a $60.00 price target on the biotechnology company's stock. Needham & Company LLC's price objective would indicate a potential upside of 41.98% from the company's previous close.

A number of other analysts have also commented on the company. TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a report on Monday, October 21st. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a "buy" rating and a $59.00 target price on the stock. Evercore ISI lowered their target price on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, August 26th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, Chardan Capital lifted their target price on Avidity Biosciences from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has an average rating of "Buy" and an average target price of $63.22.

Avidity Biosciences Stock Performance

RNA stock traded down $0.96 during midday trading on Thursday, hitting $42.26. 853,753 shares of the company's stock were exchanged, compared to its average volume of 1,315,391. The stock's fifty day moving average price is $44.42 and its 200-day moving average price is $38.48. The company has a market cap of $4.64 billion, a PE ratio of -14.37 and a beta of 0.89. Avidity Biosciences has a one year low of $4.82 and a one year high of $50.78.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its 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. The firm had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. On average, analysts expect that Avidity Biosciences will post -2.99 EPS for the current year.

Insider Activity

In related news, insider Teresa Mccarthy sold 25,000 shares of the business's 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 completion of the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $4,561,753.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Teresa Mccarthy sold 25,000 shares of the business's 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 completion of the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $4,561,753.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sarah Boyce sold 28,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 205,043 shares of the company's stock, 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. Over the last quarter, insiders have sold 155,543 shares of company stock valued at $6,995,842. 3.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new position in shares of Avidity Biosciences in the 3rd quarter valued at $30,000. Values First Advisors Inc. bought a new position in shares of Avidity Biosciences in the 3rd quarter valued at $32,000. Quarry LP lifted its stake in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock valued at $82,000 after acquiring an additional 1,700 shares during the last quarter. nVerses Capital LLC lifted its stake in shares of Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company's stock valued at $139,000 after acquiring an additional 700 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in shares of Avidity Biosciences by 39.0% in the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company's stock valued at $143,000 after acquiring an additional 982 shares during 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.