Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $66.38 Average Price Target from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has earned a consensus rating of "Buy" from the thirteen research firms that are covering the stock, MarketBeat.com reports. Thirteen research analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $66.38.

Several equities analysts recently weighed in on RNA shares. Scotiabank started coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, April 9th. Citigroup started coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target for the company. Bank of America decreased their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Finally, HC Wainwright lowered their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday, May 12th.

Avidity Biosciences Trading Up 4.2%

Shares of RNA traded up $1.39 during trading hours on Friday, reaching $34.56. The company had a trading volume of 559,471 shares, compared to its average volume of 1,435,829. Avidity Biosciences has a 12-month low of $21.51 and a 12-month high of $56.00. The firm has a 50 day simple moving average of $29.03 and a 200-day simple moving average of $31.61. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of -12.00 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). The company had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Sell-side analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Steven George Hughes sold 9,578 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the sale, the insider now directly owns 72,850 shares of the company's stock, valued at approximately $2,262,721. This trade represents a 11.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $32.40, for a total transaction of $190,350.00. Following the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,637,949.60. This represents a 10.41% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,803 shares of company stock worth $1,877,437. 3.83% of the stock is owned by insiders.

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers boosted its holdings in Avidity Biosciences by 7.1% in the first quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company's stock valued at $4,864,000 after acquiring an additional 10,973 shares during the last quarter. Strs Ohio purchased a new position in shares of Avidity Biosciences in the 1st quarter worth about $180,000. Intech Investment Management LLC lifted its stake in shares of Avidity Biosciences by 1.4% in the 1st quarter. Intech Investment Management LLC now owns 61,675 shares of the biotechnology company's stock valued at $1,821,000 after purchasing an additional 874 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Avidity Biosciences by 7.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company's stock worth $10,560,000 after purchasing an additional 25,329 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Avidity Biosciences by 2.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company's stock worth $23,164,000 after purchasing an additional 21,649 shares during the period.

About Avidity Biosciences

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.