Chardan Capital Reaffirms Buy Rating for Avidity Biosciences (NASDAQ:RNA)

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating restated by investment analysts at Chardan Capital in a report issued on Friday,Benzinga reports. They presently have a $65.00 price target on the biotechnology company’s stock. Chardan Capital’s price objective suggests a potential upside of 123.52% from the company’s current price.

Other equities analysts have also issued reports about the stock. HC Wainwright restated a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Friday, January 10th. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $65.80.

Avidity Biosciences Trading Down 1.9 %

Shares of RNA opened at $29.08 on Friday. The firm has a market cap of $3.47 billion, a P/E ratio of -10.10 and a beta of 1.00. Avidity Biosciences has a 12 month low of $14.75 and a 12 month high of $56.00. The stock’s 50 day moving average is $31.03 and its two-hundred day moving average is $38.98.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) 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%. Equities research analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Activity

In other news, insider W. Michael Flanagan sold 24,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total value of $858,480.00. Following the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $33.26, for a total value of $831,500.00. Following the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at $3,127,038.68. The trade was a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,138 shares of company stock valued at $4,229,012. 3.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Creative Planning boosted its position in shares of Avidity Biosciences by 76.5% during the 3rd quarter. Creative Planning now owns 23,806 shares of the biotechnology company’s stock worth $1,093,000 after purchasing an additional 10,319 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Avidity Biosciences during the third quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Avidity Biosciences by 48.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,236 shares of the biotechnology company’s stock valued at $179,000 after buying an additional 1,381 shares in the last quarter. Fiera Capital Corp purchased a new stake in shares of Avidity Biosciences in the 3rd quarter valued at $19,805,000. Finally, Assetmark Inc. acquired a new position in Avidity Biosciences during the 3rd quarter worth about $566,000.

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.