Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $65.59 Average PT from Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has received a consensus recommendation of "Buy" from the seventeen analysts that are currently covering the stock, Marketbeat Ratings reports. Sixteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $65.59.

Several brokerages recently commented on RNA. Chardan Capital increased their price objective on shares of Avidity Biosciences from $65.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Barclays raised their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a report on Tuesday. They issued an "outperform" rating and a $50.00 price objective for the company. Raymond James Financial initiated coverage on Avidity Biosciences in a research note on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 target price on the stock. Finally, HC Wainwright reduced their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a report on Monday, May 12th.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded down $0.80 during midday trading on Thursday, hitting $29.03. The company had a trading volume of 1,312,480 shares, compared to its average volume of 1,387,081. Avidity Biosciences has a 52-week low of $21.51 and a 52-week high of $56.00. The stock has a market capitalization of $3.50 billion, a P/E ratio of -9.68 and a beta of 0.95. The company has a 50 day moving average of $30.72 and a 200 day moving average of $30.53.

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

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $32.40, for a total value of $190,350.00. Following the transaction, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,637,949.60. The trade was a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider W. Michael Flanagan sold 20,000 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total transaction of $657,600.00. Following the transaction, the insider now owns 80,195 shares of the company's stock, valued at approximately $2,636,811.60. This represents a 19.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,536 shares of company stock worth $1,229,820 in the last three months. 3.83% of the stock is currently owned by company insiders.

Institutional Trading of Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of RNA. Janus Henderson Group PLC grew its position in shares of Avidity Biosciences by 44.1% during the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after purchasing an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC bought a new position in Avidity Biosciences during the fourth quarter valued at approximately $50,232,000. Wellington Management Group LLP grew its holdings in Avidity Biosciences by 19.5% during the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock valued at $285,888,000 after buying an additional 1,578,459 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Avidity Biosciences in the 1st quarter worth approximately $22,765,000. Finally, Norges Bank bought a new stake in Avidity Biosciences in the 4th quarter worth approximately $21,077,000.

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.