Avidity Biosciences, Inc. (NASDAQ:RNA) Given Average Rating of “Buy” by Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have received an average recommendation of “Buy” from the six ratings firms that are covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $36.33.

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

Insider Buying and Selling

In related news, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $22.63, for a total value of $633,640.00. Following the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at approximately $2,537,207.71. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $22.63, for a total transaction of $633,640.00. Following the transaction, the chief executive officer now owns 112,117 shares of the company’s stock, valued at approximately $2,537,207.71. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Michael F. Maclean sold 40,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $24.52, for a total value of $980,800.00. Following the transaction, the chief financial officer now directly owns 44,093 shares in the company, valued at approximately $1,081,160.36. The disclosure for this sale can be found here. Insiders have sold a total of 204,641 shares of company stock worth $4,676,431 in the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in shares of Avidity Biosciences by 15,900.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 3,180 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 2,714 shares during the last quarter. Privium Fund Management B.V. purchased a new stake in shares of Avidity Biosciences during the first quarter worth about $205,000. China Universal Asset Management Co. Ltd. increased its position in shares of Avidity Biosciences by 352.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock worth $78,000 after acquiring an additional 6,675 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Avidity Biosciences during the first quarter worth about $221,000.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $25.80 on Friday. The stock has a 50-day moving average of $22.56 and a two-hundred day moving average of $13.61. The stock has a market cap of $2.47 billion, a PE ratio of -8.90 and a beta of 0.78. Avidity Biosciences has a one year low of $4.82 and a one year high of $27.66.

Avidity Biosciences (NASDAQ:RNA) last posted its 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). The company had revenue of $2.19 million for the quarter, compared to analyst estimates of $32.08 million. Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. As a group, sell-side analysts predict that Avidity Biosciences will post -3.07 EPS for the current fiscal year.

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.