Avidity Biosciences’ (RNA) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research report report published on Wednesday,Benzinga reports. They currently have a $60.00 price target on the biotechnology company’s stock.

Other equities analysts have also recently issued reports about the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Chardan Capital raised their target price on Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Evercore ISI dropped their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Barclays initiated coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Finally, TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and an average price target of $63.22.

Avidity Biosciences Stock Down 15.6 %

Shares of NASDAQ RNA opened at $42.18 on Wednesday. The business’s 50 day moving average price is $45.26 and its 200 day moving average price is $40.20. The firm has a market cap of $5.03 billion, a P/E ratio of -14.65 and a beta of 0.91. Avidity Biosciences has a 52 week low of $5.68 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, research analysts expect that Avidity Biosciences will post -2.85 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Michael F. Maclean sold 11,510 shares of Avidity Biosciences stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $506,440.00. Following the completion of the sale, the chief financial officer now owns 96,355 shares of the company’s stock, valued at approximately $4,239,620. This trade represents a 10.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the transaction, the director now owns 14,830 shares in the company, valued at approximately $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,543 shares of company stock valued at $5,782,042. Insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently made changes to their positions in the business. PEAK6 Investments LLC boosted its holdings in Avidity Biosciences by 4.9% during the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 343 shares in the last quarter. Arizona State Retirement System raised its position in shares of Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after acquiring an additional 405 shares during the last quarter. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $30,000. Finally, Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences in the 3rd quarter valued at $32,000.

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.