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

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reiterated by equities researchers at Chardan Capital in a research note issued to investors on Friday,Benzinga reports. They currently have a $65.00 price objective on the biotechnology company’s stock. Chardan Capital’s target price would indicate a potential upside of 123.52% from the company’s previous close.

RNA has been the subject of a number of other research reports. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. 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, November 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Friday, January 10th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and a consensus price target of $65.80.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA opened at $29.08 on Friday. The stock’s 50-day simple moving average is $31.03 and its two-hundred day simple moving average is $38.98. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of -10.10 and a beta of 1.00. Avidity Biosciences has a 52-week low of $14.75 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, equities analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 24,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total transaction of $858,480.00. Following the sale, the insider now owns 85,389 shares of the company’s stock, valued at $3,054,364.53. This represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $33.26, for a total transaction of $831,500.00. Following the completion of the transaction, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $3,127,038.68. The trade was a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 129,138 shares of company stock valued at $4,229,012. 3.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of RNA. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences in the 3rd quarter valued at about $27,000. TD Waterhouse Canada Inc. boosted its holdings in shares of Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 866 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Avidity Biosciences in the 3rd quarter worth approximately $30,000. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences in the 4th quarter worth approximately $38,000. Finally, Headlands Technologies LLC bought a new position in shares of Avidity Biosciences during the 4th quarter worth approximately $60,000.

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.