Avidity Biosciences’ (RNA) Buy Rating Reaffirmed at Chardan Capital

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reiterated by analysts at Chardan Capital in a research report issued on Wednesday,Benzinga reports. They currently have a $65.00 price target on the biotechnology company’s stock. Chardan Capital’s price objective indicates a potential upside of 23.81% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. TD Cowen upped their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. Finally, The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $63.22.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded up $5.77 during trading hours on Wednesday, hitting $52.50. 3,217,970 shares of the company’s stock were exchanged, compared to its average volume of 1,315,258. The company’s 50-day moving average price is $44.83 and its 200-day moving average price is $39.92. Avidity Biosciences has a 1-year low of $5.68 and a 1-year high of $56.00. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of -18.23 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, research analysts expect that Avidity Biosciences will post -2.91 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at approximately $678,175.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the transaction, the director now owns 14,830 shares in the company, valued at $678,175.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 234,663 shares of the company’s stock, valued at $10,325,172. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 127,543 shares of company stock valued at $5,782,042. 3.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC lifted its stake in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after acquiring an additional 689,729 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Avidity Biosciences by 7.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock valued at $189,592,000 after purchasing an additional 516,446 shares during the last quarter. Avoro Capital Advisors LLC grew its position in shares of Avidity Biosciences by 11.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after buying an additional 680,000 shares during the period. RA Capital Management L.P. raised its stake in shares of Avidity Biosciences by 33.7% during the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after buying an additional 827,647 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after buying an additional 1,216,730 shares during the period.

About Avidity Biosciences

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.