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

Chardan Capital reissued their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a $65.00 target price on the biotechnology company’s stock.

Other equities analysts have also recently issued reports about the stock. Evercore ISI decreased their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. The Goldman Sachs Group began coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Barclays assumed coverage on Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. Finally, TD Cowen upped their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $63.22.

Avidity Biosciences Stock Performance

RNA opened at $42.18 on Wednesday. Avidity Biosciences has a twelve month low of $5.68 and a twelve month high of $56.00. The firm’s 50-day simple moving average is $45.26 and its 200-day simple moving average is $40.20. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of -14.65 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, sell-side analysts anticipate that Avidity Biosciences will post -2.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $46.63, for a total value of $233,150.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $691,522.90. This represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the sale, the chief executive officer now owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 127,543 shares of company stock valued at $5,782,042. 3.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors have recently modified their holdings of RNA. Avoro Capital Advisors LLC increased its holdings in Avidity Biosciences by 132.1% during the 1st quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after purchasing an additional 3,315,000 shares during the period. Wellington Management Group LLP grew its stake in Avidity Biosciences by 84.9% during the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after buying an additional 3,228,923 shares during the last quarter. State Street Corp lifted its position in Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after acquiring an additional 1,386,087 shares during the period. Janus Henderson Group PLC lifted its position in Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after acquiring an additional 1,239,323 shares during the period. Finally, RA Capital Management L.P. lifted its position in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after acquiring an additional 900,000 shares during the period.

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.