Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Average Recommendation of “Buy” from Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have earned an average recommendation of “Buy” from the thirteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Thirteen analysts have rated the stock with a buy rating. The average twelve-month target price among analysts that have covered the stock in the last year is $66.69.

A number of brokerages have recently commented on RNA. Chardan Capital reiterated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Monday. Barclays cut their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. BMO Capital Markets began coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective on the stock. Finally, Citigroup initiated coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They set a “buy” rating and a $70.00 target price for the company.

Avidity Biosciences Stock Up 8.7 %

Shares of RNA opened at $33.83 on Tuesday. The stock has a market cap of $4.07 billion, a PE ratio of -11.75 and a beta of 1.02. Avidity Biosciences has a 12-month low of $21.56 and a 12-month high of $56.00. The business has a 50-day simple moving average of $31.04 and a two-hundred day simple moving average of $37.77.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (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 business had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. On average, equities research analysts expect that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Activity at Avidity Biosciences

In other news, insider W. Michael Flanagan sold 12,742 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the sale, the insider now owns 72,647 shares in the company, valued at $2,372,651.02. The trade was a 14.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Michael F. Maclean sold 11,151 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $364,191.66. Following the transaction, the chief financial officer now directly owns 82,942 shares in the company, valued at $2,708,885.72. The trade was a 11.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,138 shares of company stock worth $2,539,032 in the last quarter. Company insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of RNA. FMR LLC grew its holdings in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after buying an additional 689,729 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Avidity Biosciences by 3.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock valued at $321,127,000 after purchasing an additional 408,861 shares during the last quarter. Vanguard Group Inc. increased its holdings in Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after purchasing an additional 205,027 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after purchasing an additional 1,075,148 shares during the last quarter. Finally, Avoro Capital Advisors LLC lifted its holdings in shares of Avidity Biosciences by 9.1% in the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock valued at $218,100,000 after purchasing an additional 625,000 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.