Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Average Recommendation of “Buy” from Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been given an average rating of “Buy” by the seven brokerages that are covering the firm, MarketBeat reports. Seven research analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have issued a report on the stock in the last year is $36.86.

Several analysts have issued reports on the company. Bank of America started coverage on Avidity Biosciences in a research note on Friday. They issued a “buy” rating and a $40.00 price objective on the stock. Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a research report on Thursday, March 14th. They set an “overweight” rating and a $60.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a research report on Thursday, April 11th. Finally, Chardan Capital restated a “buy” rating and set a $23.00 target price on shares of Avidity Biosciences in a research note on Thursday, February 29th.

Avidity Biosciences Trading Up 3.4 %

NASDAQ RNA opened at $26.45 on Friday. The firm has a market capitalization of $2.53 billion, a P/E ratio of -9.12 and a beta of 0.79. The firm’s fifty day moving average price is $23.01 and its two-hundred day moving average price is $13.78. Avidity Biosciences has a 1 year low of $4.82 and a 1 year high of $27.66.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. The firm had revenue of $2.19 million during the quarter, compared to the consensus estimate of $32.08 million. On average, research analysts anticipate that Avidity Biosciences will post -3.07 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $22.82, for a total transaction of $114,100.00. Following the sale, the director now owns 14,830 shares of the company’s stock, valued at $338,420.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at $338,420.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $22.63, for a total transaction of $633,640.00. Following the completion of the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at $2,537,207.71. The disclosure for this sale can be found here. Insiders sold 204,641 shares of company stock worth $4,676,431 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNA. Nisa Investment Advisors LLC lifted its position in shares of Avidity Biosciences by 15,900.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after buying an additional 3,180 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. Aigen Investment Management LP bought a new stake in shares of Avidity Biosciences during the 3rd quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. grew its holdings in shares of Avidity Biosciences by 352.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after purchasing an additional 6,675 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in Avidity Biosciences by 43.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock worth $95,000 after purchasing an additional 3,182 shares in 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.