As reported by Bloomberg, Avidity Biosciences, Inc. (NASDAQ: RNA), which is now being covered by six analysts and has received a consensus rating of “Buy” from all of these analysts, has been given a rating of “Buy” as a consensus by all of these analysts. According to the recommendations of four market analysts, investors should acquire company shares, one of whom rated the stock as a strong buy and recommended that investors do so. Analysts who looked at the company in the preceding year and made price predictions for it had an average one-year price forecast of $44.00. Recently, several analysts have collaborated to write research on the company for which they formerly worked. The investment firm Chardan Capital published a research note on Wednesday, July 20, revealing that it would start covering Avidity Biosciences. They suggested investing in the company’s stock and establishing a price target of $29.00 a share for the stock. On Monday, July 11, Raymond James issued a research report stating it would begin covering Avidity Biosciences.
This study was issued on the same day. They gave the company a “strong-buy” recommendation along with a price objective of $29.00 for the stock. On the same day, August 25, 14,855 shares of the business’s stock were sold by Sarah Boyce, the company’s Chief Executive Officer. This is related news. The stock sold was $342,704.85, and the average selling price was $23.07 per share. The total value of the stock that was sold was $342,704.85. The Securities and Exchange Commission (SEC) keeps a legal file open to the public and can be read online. This file had information relevant to the transaction, which was discovered there. Insiders own 6.60 percent of the total number of shares currently issued by the corporation. RNA stock has been the focus of recent buying and selling activity from a diverse group of institutional investors and hedge funds. These investors have been active on both sides of the market. Over the final three months of 2018, Northern Trust Corporation completed the purchase of an additional 6.8% stake in Avidity Biosciences. The total number of shares held by Northern Trust Corp in the biopharmaceutical firm was brought up to 379,241 after the company made an extra purchase of 24,011 shares during the quarter. These shares are currently worth a total of $9,014,000 as of right now. During the fourth quarter, Bank of America Corp DE increased the amount of Avidity Biosciences shares it owned by 291.1%, bringing its total ownership percentage to 100%.
Bank of America Corp. DE now has 89,106 shares of the biotechnology business after purchasing an additional 66,322 shares during the quarter. The value of these shares comes to $2,118,000. Dimensional Fund Advisors LP’s holdings of Avidity Biosciences stock saw a 128.4% increase over the final three months of 2018 due to the firm’s purchase of additional shares. Dimensional Fund Advisors LP’s biotechnology business now has 199,387 shares after buying an additional 112,084 shares throughout the period. The current price of the stock is calculated to be $4,739,000. During the final three months of 2018, TD Asset Management Inc. grew its holdings in Avidity Biosciences by 43.2% to 1.3 million shares. After purchasing 44,769 shares of the biotechnology company’s stock during the quarter, TD Asset Management Inc. now holds 148,344 shares of the company’s stock. These shares are currently valued at $3,526,000 due to the company’s recent activity. In the fourth and final quarter of 2018, Citigroup, Inc. increased the amount of Avidity Biosciences stock owned by 24.7%. After purchasing an additional 14,596 shares over the quarter, Citigroup Inc. now possesses 73,741 shares of the biotechnology company’s stock, currently valued at $1,753,000. During the quarter, these shares were bought. The majority of the shares in the firm are held by institutional investors and hedge funds, which account for 95.12% of the total. The first transaction involving shares of Avidity Biosciences took place on Tuesday for $21.75 per share.
The company has a price-to-earnings ratio of -6.95, a beta value of 1.10, and a market capitalization of 1.13 billion dollars. Over the last 52 weeks, the highest and lowest prices for Avidity Biosciences were $29.25. The share price is currently trading at $18, which is higher than its 50-day and 200-day simple moving averages of $16.51, which are below the current price. The most recent earnings report for Avidity Biosciences, traded under the ticker symbol NASDAQ: RNA was released on Tuesday, August 9. The earnings per share (EPS) that the biotechnology company reported for the quarter were $0.92, which was $0.18 less than the projections made by analysts, which were $0.74. The sales figure for the quarter came in at $2.18 million, which was lower than the $2.29 million that analysts had projected would be generated in sales for the period. Avidity Biosciences, the company, had a return on equity of 38.72% while also having a net margin of 1,849.49%. According to forecasts made by industry analysts for the company’s financial performance, it is predicted to earn a profit per share for the current fiscal year of $3.53.
Oligonucleotides are utilized as a component of the research process carried out by the biopharmaceutical company Avidity Biosciences, Inc., which produces therapies. It manufactures antibody oligonucleotide conjugates to cure many serious illnesses (AOC). Myotonic dystrophy type 1, an extremely uncommon monogenic muscle disorder, is one of the conditions that can be treated with AOC 1001, the company’s main product candidate. On the other hand, AOC 1044 and AOC 1020 are the medications used to treat Duchenne muscular dystrophy and facioscapulohumeral muscular dystrophy, respectively.