Avidity Biosciences (NASDAQ:RNA) Earns “Buy” Rating from Chardan Capital

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating restated by Chardan Capital in a research report issued on Wednesday,Benzinga reports. They currently have a $65.00 price objective on the biotechnology company’s stock. Chardan Capital’s price objective would indicate a potential upside of 30.08% from the stock’s previous close.

Several other equities analysts have also issued reports on RNA. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. TD Cowen lifted their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday. Finally, Evercore ISI decreased their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $63.22.

Avidity Biosciences Trading Down 4.8 %

Shares of NASDAQ RNA opened at $49.97 on Wednesday. The stock has a market cap of $5.96 billion, a PE ratio of -18.23 and a beta of 0.91. Avidity Biosciences has a 12-month low of $5.68 and a 12-month high of $56.00. The company has a 50-day moving average of $45.04 and a 200 day moving average of $40.01.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results 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 for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, sell-side analysts forecast that Avidity Biosciences will post -2.91 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the transaction, the chief executive officer now directly owns 234,663 shares in the company, valued at approximately $10,325,172. This represents a 12.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated 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 sale, the director now owns 14,830 shares of the company’s stock, valued at $678,175.90. This trade represents a 25.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 127,543 shares of company stock worth $5,782,042 in the last ninety days. Insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently added to or reduced their stakes in the company. PEAK6 Investments LLC raised its stake in shares of Avidity Biosciences by 4.9% in the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 343 shares during the period. Arizona State Retirement System raised its holdings in shares of Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences during the 3rd quarter valued at about $30,000. Values First Advisors Inc. purchased a new position in Avidity Biosciences in the 3rd quarter worth approximately $32,000. Finally, nVerses Capital LLC grew its position in Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after acquiring an additional 700 shares in the last quarter.

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.