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

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reiterated by investment 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 target price would indicate a potential upside of 30.08% from the company’s current price.

A number of other equities research analysts have also commented on RNA. TD Cowen raised their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Evercore ISI dropped their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. The Goldman Sachs Group began coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. Barclays started coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus target price of $63.22.

Avidity Biosciences Stock Down 4.8 %

RNA stock opened at $49.97 on Wednesday. The company has a 50-day simple moving average of $45.04 and a 200 day simple moving average of $40.01. Avidity Biosciences has a fifty-two week low of $5.68 and a fifty-two week high of $56.00. The company has a market capitalization of $5.96 billion, a P/E 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 (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities analysts anticipate that Avidity Biosciences will post -2.91 EPS for the current year.

Insiders Place Their Bets

In related news, insider Teresa Mccarthy sold 13,153 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the sale, the insider now owns 69,018 shares of the company’s stock, valued at $3,036,792. The trade was a 16.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction 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 transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. The trade was a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,543 shares of company stock worth $5,782,042 over the last 90 days. Corporate insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently bought and sold shares of the business. Fred Alger Management LLC increased its position in Avidity Biosciences by 10.8% in the third quarter. Fred Alger Management LLC now owns 17,320 shares of the biotechnology company’s stock worth $796,000 after purchasing an additional 1,695 shares during the period. Verition Fund Management LLC boosted its stake in Avidity Biosciences by 175.7% in the third quarter. Verition Fund Management LLC now owns 20,416 shares of the biotechnology company’s stock valued at $938,000 after acquiring an additional 13,011 shares during the last quarter. PEAK6 Investments LLC raised its position in shares of Avidity Biosciences by 4.9% during 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 last quarter. MetLife Investment Management LLC lifted its stake in shares of Avidity Biosciences by 6.9% in the 3rd quarter. MetLife Investment Management LLC now owns 62,364 shares of the biotechnology company’s stock valued at $2,864,000 after purchasing an additional 4,017 shares during the period. Finally, Advantage Alpha Capital Partners LP acquired a new stake in shares of Avidity Biosciences during the third quarter worth $471,000.

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.