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

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reissued by equities researchers at Chardan Capital in a report issued on Monday,Benzinga reports. They presently have a $65.00 target price on the biotechnology company’s stock. Chardan Capital’s price objective indicates a potential upside of 106.48% from the company’s previous close.

RNA has been the topic of several other research reports. Barclays lowered their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Scotiabank initiated coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target for the company. BMO Capital Markets initiated coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Stock Performance

Shares of RNA traded up $0.37 during midday trading on Monday, hitting $31.48. 98,719 shares of the stock traded hands, compared to its average volume of 1,309,781. Avidity Biosciences has a 1-year low of $21.56 and a 1-year high of $56.00. The firm has a market capitalization of $3.78 billion, a PE ratio of -10.91 and a beta of 1.02. The business’s 50 day moving average price is $30.99 and its two-hundred day moving average price is $37.83.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The business had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, equities research analysts forecast that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Teresa Mccarthy sold 2,959 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the sale, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Michael F. Maclean sold 3,287 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the sale, the chief financial officer now owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,138 shares of company stock valued at $2,539,032 over the last ninety days. 3.68% of the stock is owned by company insiders.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after buying an additional 689,729 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Avidity Biosciences by 3.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock worth $321,127,000 after buying an additional 408,861 shares during the period. Vanguard Group Inc. grew its position in shares of Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after buying an additional 205,027 shares during the period. Wellington Management Group LLP grew its position in shares of Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after buying an additional 1,075,148 shares during the period. Finally, Avoro Capital Advisors LLC grew its position in shares of Avidity Biosciences by 9.1% during the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock worth $218,100,000 after buying an additional 625,000 shares during the period.

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.