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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) have received an average rating of "Buy" from the thirteen research firms that are covering the company, MarketBeat.com reports. Thirteen research analysts have rated the stock with a buy rating. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $66.69.

Several equities research analysts recently issued reports on RNA shares. Citigroup began coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday, January 21st. Barclays reduced their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Bank of America dropped their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th.

Avidity Biosciences Stock Performance

Shares of RNA traded up $0.22 during trading hours on Friday, hitting $25.98. The stock had a trading volume of 291,306 shares, compared to its average volume of 1,394,989. The company's fifty day simple moving average is $29.80 and its 200 day simple moving average is $35.50. The firm has a market cap of $3.12 billion, a P/E ratio of -9.06 and a beta of 1.01. 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 announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. As a group, sell-side analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 2,959 shares of the company's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the sale, the insider now directly owns 104,908 shares in the company, valued at $2,999,319.72. This represents a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven George Hughes sold 9,578 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $297,492.68. Following the sale, the insider now owns 72,850 shares of the company's stock, valued at approximately $2,262,721. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,318 shares of company stock valued at $2,405,390 over the last three months. 3.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently made changes to their positions in RNA. Aaron Wealth Advisors LLC lifted its stake in Avidity Biosciences by 6.6% during the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock worth $236,000 after purchasing an additional 504 shares during the period. Parallel Advisors LLC raised its stake in Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after acquiring an additional 515 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Avidity Biosciences by 8.0% during the fourth quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock valued at $204,000 after acquiring an additional 518 shares during the period. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences in the 3rd quarter valued at $27,000. Finally, New York State Common Retirement Fund grew its holdings in shares of Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock worth $5,374,000 after purchasing an additional 598 shares during 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.