Avidity Biosciences, Inc. (NASDAQ:RNA) Given Consensus Rating of "Buy" by Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) have been assigned a consensus rating of "Buy" from the seventeen research firms that are covering the firm, Marketbeat Ratings reports. Sixteen equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $66.35.

A number of analysts have recently commented on the company. Sanford C. Bernstein assumed coverage on Avidity Biosciences in a research report on Tuesday, June 24th. They set an "outperform" rating and a $50.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Evercore ISI reiterated an "outperform" rating and set a $70.00 price objective on shares of Avidity Biosciences in a research note on Friday, July 11th. HC Wainwright decreased their target price on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, Wolfe Research started coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 target price on the stock.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider W. Michael Flanagan sold 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the transaction, the insider directly owned 80,195 shares in the company, valued at $2,636,811.60. This trade represents a 19.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kathleen P. Gallagher sold 911 shares of the company's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $30.24, for a total value of $27,548.64. Following the completion of the transaction, the insider directly owned 50,392 shares of the company's stock, valued at approximately $1,523,854.08. The trade was a 1.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,661 shares of company stock worth $1,066,319 over the last ninety days. 3.83% of the stock is owned by corporate insiders.

Institutional Trading of Avidity Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in RNA. Mirae Asset Global Investments Co. Ltd. lifted its position in Avidity Biosciences by 291.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock valued at $492,000 after purchasing an additional 11,594 shares during the period. Vanguard Group Inc. raised its position in shares of Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after purchasing an additional 205,027 shares during the period. Parallel Advisors LLC raised its holdings in Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 515 shares during the last quarter. Amalgamated Bank lifted its holdings in Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock valued at $116,000 after purchasing an additional 418 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Avidity Biosciences during the fourth quarter worth about $5,784,000.

Avidity Biosciences Trading Down 0.8%

Shares of NASDAQ RNA opened at $33.76 on Monday. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of -11.25 and a beta of 0.91. The business has a 50-day moving average of $30.98 and a 200-day moving average of $30.40. Avidity Biosciences has a 12 month low of $21.51 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The business had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. On average, analysts predict that Avidity Biosciences will post -2.89 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.

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