Avidity Biosciences (NASDAQ:RNA) Given New $60.00 Price Target at Chardan Capital

Avidity Biosciences (NASDAQ:RNA) had its price target boosted by Chardan Capital from $45.00 to $60.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Chardan Capital’s price target indicates a potential upside of 27.80% from the stock’s previous close.

A number of other research analysts have also recently commented on RNA. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 target price on shares of Avidity Biosciences in a research note on Monday, June 10th. Evercore ISI increased their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 12th. Finally, Bank of America lifted their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $46.43.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded up $5.08 during mid-day trading on Friday, hitting $46.95. 2,487,193 shares of the company’s stock traded hands, compared to its average volume of 1,320,928. The company has a market capitalization of $4.49 billion, a P/E ratio of -15.92 and a beta of 0.90. Avidity Biosciences has a 1 year low of $4.82 and a 1 year high of $48.80. The company’s 50-day moving average is $39.64 and its two-hundred day moving average is $27.67.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.02. The firm had revenue of $3.54 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. Equities analysts anticipate that Avidity Biosciences will post -3.15 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $29.90, for a total transaction of $149,500.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at approximately $443,417. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $29.90, for a total transaction of $149,500.00. Following the transaction, the director now owns 14,830 shares in the company, valued at $443,417. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael F. Maclean sold 75,000 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $28.28, for a total transaction of $2,121,000.00. Following the completion of the transaction, the chief financial officer now directly owns 44,093 shares of the company’s stock, valued at $1,246,950.04. The disclosure for this sale can be found here. Insiders sold a total of 482,478 shares of company stock worth $17,491,990 in the last 90 days. 3.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Arizona State Retirement System increased its stake in shares of Avidity Biosciences by 2.1% in the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after acquiring an additional 405 shares during the period. nVerses Capital LLC boosted its holdings 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 purchasing an additional 700 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in Avidity Biosciences by 4.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock worth $541,000 after purchasing an additional 920 shares during the period. Los Angeles Capital Management LLC grew its position in Avidity Biosciences by 1.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company’s stock worth $546,000 after purchasing an additional 1,030 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in shares of Avidity Biosciences by 32.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after buying an additional 1,076 shares during the last quarter.

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.