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

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has earned a consensus rating of "Buy" from the seventeen brokerages that are covering the stock, Marketbeat.com reports. Sixteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $65.59.

A number of equities analysts have recently commented on RNA shares. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. HC Wainwright dropped their price target on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Cantor Fitzgerald reissued an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a research report on Friday. JPMorgan Chase & Co. lifted 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. Finally, BMO Capital Markets started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target on the stock.

Insider Buying and Selling

In other Avidity Biosciences news, insider W. Michael Flanagan sold 20,000 shares of Avidity Biosciences stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total transaction of $657,600.00. Following the sale, the insider now owns 80,195 shares in the company, valued at $2,636,811.60. The trade was a 19.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the sale, the insider now owns 50,554 shares in the company, valued at $1,406,917.82. This represents a 10.41% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,536 shares of company stock valued at $1,229,820. 3.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its stake in Avidity Biosciences by 2.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company's stock worth $334,701,000 after buying an additional 295,275 shares in the last quarter. Wellington Management Group LLP boosted its stake in Avidity Biosciences by 19.5% during the first quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock worth $285,888,000 after buying an additional 1,578,459 shares in the last quarter. Vanguard Group Inc. boosted its stake in Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after buying an additional 205,027 shares in the last quarter. Avoro Capital Advisors LLC boosted its stake in shares of Avidity Biosciences by 9.1% in the 4th 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. Finally, Janus Henderson Group PLC grew its holdings in shares of Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after purchasing an additional 2,156,844 shares during the last quarter.

Avidity Biosciences Price Performance

RNA traded down $0.80 during midday trading on Thursday, hitting $29.03. 1,312,480 shares of the company's stock traded hands, compared to its average volume of 1,361,625. The company has a market cap of $3.50 billion, a PE ratio of -9.68 and a beta of 0.95. The stock's fifty day simple moving average is $30.76 and its 200-day simple moving average is $30.42. Avidity Biosciences has a one year low of $21.51 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share 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 the consensus estimate 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, research analysts expect that Avidity Biosciences will post -2.89 EPS 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.