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

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has been assigned a consensus recommendation of "Buy" from the six research firms that are presently covering the company, Marketbeat reports. Six investment analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have covered the stock in the last year is $36.33.

Several research firms have recently commented on RNA. Wells Fargo & Company reiterated an "overweight" rating and set a $50.00 price target on shares of Avidity Biosciences in a report on Wednesday, January 3rd. Chardan Capital restated a "buy" rating and issued a $23.00 price objective on shares of Avidity Biosciences in a report on Thursday, February 29th. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a report on Thursday, March 14th. They issued an "overweight" rating and a $60.00 price objective on the stock. Finally, Needham & Company LLC restated a "buy" rating and issued a $35.00 price objective on shares of Avidity Biosciences in a report on Thursday, April 11th.

Avidity Biosciences Trading Up 2.2 %

RNA stock traded up $0.53 during midday trading on Friday, reaching $24.36. The stock had a trading volume of 1,034,630 shares, compared to its average volume of 919,200. Avidity Biosciences has a 52-week low of $4.82 and a 52-week high of $27.66. The company's fifty day simple moving average is $22.15 and its 200 day simple moving average is $13.31. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -8.40 and a beta of 0.78.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.25). Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. The company had revenue of $2.19 million for the quarter, compared to analysts' expectations of $32.08 million. Sell-side analysts predict that Avidity Biosciences will post -3.07 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In other news, Director Arthur A. Levin sold 20,000 shares of the business's stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $27.11, for a total transaction of $542,200.00. Following the completion of the transaction, the director now directly owns 253,872 shares of the company's stock, valued at $6,882,469.92. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Arthur A. Levin sold 20,000 shares of the business's stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $27.11, for a total transaction of $542,200.00. Following the completion of the transaction, the director now directly owns 253,872 shares of the company's stock, valued at $6,882,469.92. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sarah Boyce sold 28,000 shares of the business's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $22.63, for a total value of $633,640.00. Following the transaction, the chief executive officer now directly owns 112,117 shares of the company's stock, valued at $2,537,207.71. The disclosure for this sale can be found here. Insiders sold a total of 204,641 shares of company stock valued at $4,676,431 in the last three months. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. boosted its holdings in Avidity Biosciences by 19.5% in the third quarter. Harbor Capital Advisors Inc. now owns 30,014 shares of the biotechnology company's stock valued at $191,000 after purchasing an additional 4,902 shares in the last quarter. Raymond James & Associates boosted its holdings in Avidity Biosciences by 11.8% in the third quarter. Raymond James & Associates now owns 93,255 shares of the biotechnology company's stock valued at $595,000 after purchasing an additional 9,815 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Avidity Biosciences by 33.4% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 34,772 shares of the biotechnology company's stock valued at $222,000 after purchasing an additional 8,700 shares in the last quarter. TD Asset Management Inc boosted its holdings in Avidity Biosciences by 100.0% in the third quarter. TD Asset Management Inc now owns 267,732 shares of the biotechnology company's stock valued at $1,708,000 after purchasing an additional 133,866 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in Avidity Biosciences by 89.5% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 66,220 shares of the biotechnology company's stock valued at $422,000 after purchasing an additional 31,277 shares in 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.