Avidity Biosciences (NASDAQ:RNA) Given Buy Rating at Chardan Capital

Chardan Capital reaffirmed their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research note released on Monday,Benzinga reports. Chardan Capital currently has a $65.00 price objective on the biotechnology company’s stock.

Several other analysts have also recently issued reports on RNA. HC Wainwright reissued a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research note on Friday, January 10th. Bank of America reduced their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Scotiabank began coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 target price on the stock. Citigroup began coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 target price on the stock. Finally, Barclays reduced their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $33.83 on Monday. Avidity Biosciences has a fifty-two week low of $21.56 and a fifty-two week high of $56.00. The firm has a market cap of $4.07 billion, a PE ratio of -11.75 and a beta of 1.02. The business has a 50 day moving average price of $31.04 and a 200-day moving average price of $37.77.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Research analysts predict that Avidity Biosciences will post -2.89 EPS for the current year.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michael F. Maclean sold 3,287 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the sale, the chief financial officer now directly owns 104,655 shares in the company, valued at $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,138 shares of company stock valued at $2,539,032. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RNA. Victory Capital Management Inc. raised its stake in shares of Avidity Biosciences by 52.1% in the third quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock worth $1,524,000 after purchasing an additional 11,367 shares during the last quarter. Quest Partners LLC raised its stake in shares of Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Avidity Biosciences by 3,836.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,025 shares of the biotechnology company’s stock worth $9,968,000 after purchasing an additional 211,512 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Avidity Biosciences in the third quarter worth $1,701,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Avidity Biosciences in the third quarter worth $265,000.

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.