Avidity Biosciences (NASDAQ:RNA) Coverage Initiated by Analysts at The Goldman Sachs Group

Research analysts at The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA - Get Free Report) in a report released on Thursday. The firm set a "buy" rating and a $55.00 price target on the biotechnology company's stock. The Goldman Sachs Group's price target suggests a potential upside of 82.06% from the company's previous close.

Several other research firms have also recently weighed in on RNA. Wolfe Research assumed coverage on Avidity Biosciences in a research report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 price objective for the company. Sanford C. Bernstein started coverage on Avidity Biosciences in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 price objective on the stock. Raymond James Financial started coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 price target on the stock. BMO Capital Markets began coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price on the stock. Finally, Chardan Capital raised their price objective on Avidity Biosciences from $65.00 to $75.00 and gave the company a "buy" rating in a report on Monday, June 9th. Sixteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Avidity Biosciences currently has a consensus rating of "Buy" and a consensus target price of $65.35.

Avidity Biosciences Price Performance

Shares of RNA traded down $1.06 during mid-day trading on Thursday, reaching $30.21. The company had a trading volume of 81,251 shares, compared to its average volume of 1,369,925. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $56.00. The company's 50-day moving average is $30.51 and its 200-day moving average is $30.29. The company has a market capitalization of $3.64 billion, a P/E ratio of -10.15 and a beta of 0.91.

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). The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. As a group, equities analysts expect that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other Avidity Biosciences news, insider W. Michael Flanagan sold 20,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $32.40, for a total transaction of $190,350.00. Following the completion of the sale, the insider owned 50,554 shares of the company's stock, valued at $1,637,949.60. This trade represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 32,661 shares of company stock worth $1,066,319. 3.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. TD Waterhouse Canada Inc. increased its stake in shares of Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 866 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 515 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Avidity Biosciences in the 4th quarter valued at about $60,000. GF Fund Management CO. LTD. bought a new position in shares of Avidity Biosciences in the 4th quarter valued at about $73,000. Finally, IFP Advisors Inc lifted its holdings in shares of Avidity Biosciences by 123.2% in the 1st quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock valued at $96,000 after acquiring an additional 1,787 shares during the last quarter.

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.

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