Avidity Biosciences (NASDAQ:RNA) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a report issued on Monday morning,Benzinga reports. The firm currently has a $60.00 price objective on the biotechnology company’s stock.

Other equities research analysts also recently issued reports about the company. Scotiabank began coverage on Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Barclays cut their price target on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Citigroup began coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective for the company. Finally, Bank of America lowered their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Trading Up 4.1 %

NASDAQ:RNA opened at $31.72 on Monday. Avidity Biosciences has a 12-month low of $21.56 and a 12-month high of $56.00. The stock has a 50-day moving average price of $31.06 and a 200 day moving average price of $37.63. The stock has a market capitalization of $3.81 billion, a P/E ratio of -11.01 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly 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 firm had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. On average, research analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Teresa Mccarthy sold 2,959 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the transaction, the insider now owns 104,908 shares of the company’s stock, valued at $2,999,319.72. This represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares of the company’s stock, valued at $1,625,816.64. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,390 shares of company stock valued at $718,303. 3.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently made changes to their positions in the company. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences during the third quarter valued at approximately $27,000. TD Waterhouse Canada Inc. raised its holdings in shares of Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 866 shares during the last quarter. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $38,000. Headlands Technologies LLC acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $60,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $73,000.

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.