Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $69.57 Consensus PT from Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been given a consensus recommendation of “Hold” by the twenty research firms that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation and seven have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $69.55.

RNA has been the subject of several research analyst reports. Chardan Capital reiterated a “neutral” rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Tuesday, November 11th. TD Cowen restated a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Finally, Evercore set a $72.00 price objective on shares of Avidity Biosciences in a report on Thursday, December 18th.

Avidity Biosciences Trading Down 0.2%

NASDAQ:RNA opened at $14.79 on Tuesday. Avidity Biosciences has a one year low of $13.81 and a one year high of $16.77. The business’s 50-day simple moving average is $64.59 and its 200 day simple moving average is $60.66.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The business had revenue of $0.86 million for the quarter, compared to analyst estimates of $1.98 million. Sell-side analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Charles Calderaro III sold 3,727 shares of the stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $72.23, for a total transaction of $269,201.21. Following the transaction, the insider owned 49,797 shares of the company’s stock, valued at approximately $3,596,837.31. This trade represents a 6.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider W. Michael Flanagan sold 6,534 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $473,388.30. Following the completion of the transaction, the insider owned 85,093 shares of the company’s stock, valued at $6,164,987.85. This trade represents a 7.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 58,407 shares of company stock valued at $4,226,448. Corporate insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. EFG International AG acquired a new stake in shares of Avidity Biosciences during the 4th quarter valued at approximately $33,000. Smartleaf Asset Management LLC boosted its holdings in Avidity Biosciences by 426.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 397 shares during the period. Los Angeles Capital Management LLC acquired a new position in Avidity Biosciences in the fourth quarter worth $34,000. AlphaQuest LLC increased its stake in Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the last quarter. Finally, CWM LLC increased its stake in Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares during the last quarter.

About Avidity Biosciences

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.