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

Needham & Company LLC reissued their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a $60.00 target price on the biotechnology company’s stock.

Several other equities research analysts also recently commented on RNA. TD Cowen boosted their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Evercore ISI lowered their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Barclays initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $63.22.

Avidity Biosciences Trading Down 15.6 %

Shares of RNA opened at $42.18 on Wednesday. The firm’s 50 day moving average is $45.26 and its 200-day moving average is $40.20. The stock has a market capitalization of $5.03 billion, a PE ratio of -14.65 and a beta of 0.91. Avidity Biosciences has a 12 month low of $5.68 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Equities research analysts predict that Avidity Biosciences will post -2.85 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the transaction, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. The trade was a 16.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of Avidity Biosciences stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the transaction, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 127,543 shares of company stock worth $5,782,042. Corporate insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC acquired a new position in shares of Avidity Biosciences during the first quarter worth about $221,000. Swiss National Bank raised its position in Avidity Biosciences by 20.5% in the first quarter. Swiss National Bank now owns 140,800 shares of the biotechnology company’s stock worth $3,593,000 after acquiring an additional 24,000 shares in the last quarter. Sei Investments Co. increased its position in shares of Avidity Biosciences by 15.4% in the first quarter. Sei Investments Co. now owns 36,635 shares of the biotechnology company’s stock valued at $935,000 after buying an additional 4,881 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Avidity Biosciences by 11.2% in the first quarter. ProShare Advisors LLC now owns 18,878 shares of the biotechnology company’s stock valued at $482,000 after buying an additional 1,898 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Avidity Biosciences by 4.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after buying an additional 920 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.