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

Avidity Biosciences, Inc. (NASDAQ:RNA) has earned a consensus recommendation of “Hold” from the twenty-three ratings firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, thirteen have given a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $69.2381.

Several equities research analysts have commented on RNA shares. Raymond James Financial lowered Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 27th. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. TD Cowen downgraded shares of Avidity Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the stock from $78.00 to $74.00 in a research note on Wednesday, October 29th. Bank of America boosted their price objective on shares of Avidity Biosciences from $56.00 to $65.00 and gave the company a “buy” rating in a report on Monday, September 15th. Finally, Roth Capital downgraded Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 target price for the company. in a research report on Monday, October 27th.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Steven George Hughes sold 2,209 shares of the stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $47.54, for a total value of $105,015.86. Following the completion of the transaction, the insider directly owned 38,867 shares of the company’s stock, valued at approximately $1,847,737.18. This trade represents a 5.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 20,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $50.15, for a total transaction of $1,003,000.00. Following the completion of the sale, the insider directly owned 97,130 shares of the company’s stock, valued at $4,871,069.50. The trade was a 17.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 30,979 shares of company stock worth $1,495,400. 3.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RNA. Invesco Ltd. grew its position in shares of Avidity Biosciences by 204.1% during the first quarter. Invesco Ltd. now owns 288,139 shares of the biotechnology company’s stock worth $8,506,000 after acquiring an additional 193,376 shares during the last quarter. Nuveen LLC acquired a new position in shares of Avidity Biosciences in the 1st quarter valued at about $12,729,000. Russell Investments Group Ltd. increased its position in Avidity Biosciences by 149.2% in the 1st quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company’s stock worth $129,000 after purchasing an additional 2,621 shares during the last quarter. Aberdeen Group plc lifted its position in shares of Avidity Biosciences by 523.1% in the first quarter. Aberdeen Group plc now owns 279,828 shares of the biotechnology company’s stock worth $8,261,000 after buying an additional 234,916 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Avidity Biosciences by 19.5% during the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company’s stock worth $285,888,000 after buying an additional 1,578,459 shares during the period.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $71.87 on Thursday. The stock has a market capitalization of $10.83 billion, a P/E ratio of -17.19 and a beta of 0.90. Avidity Biosciences has a fifty-two week low of $21.51 and a fifty-two week high of $72.02. The company’s 50-day simple moving average is $65.59 and its 200-day simple moving average is $48.09.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.22). Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The company had revenue of $12.48 million for the quarter, compared to analyst estimates of $1.80 million. The business’s quarterly revenue was up 420.8% compared to the same quarter last year. On average, research analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

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.