Avidity Biosciences (NASDAQ:RNA) Given “Buy” Rating at Chardan Capital

Chardan Capital reiterated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research note released on Friday,Benzinga reports. They currently have a $65.00 price objective on the biotechnology company’s stock.

Other equities analysts also recently issued reports about the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a 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 report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Friday, January 10th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $65.20.

Avidity Biosciences Trading Up 5.4 %

Shares of RNA stock opened at $30.64 on Friday. The firm has a market capitalization of $3.66 billion, a PE ratio of -10.64 and a beta of 1.00. The firm has a fifty day simple moving average of $31.01 and a two-hundred day simple moving average of $38.89. Avidity Biosciences has a 12 month low of $16.30 and a 12 month 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). The firm had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the sale, the director now owns 12,958 shares of the company’s stock, valued at $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $33.26, for a total value of $831,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $3,127,038.68. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,138 shares of company stock worth $4,229,012. Insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Avidity Biosciences in the fourth quarter worth approximately $4,722,000. GF Fund Management CO. LTD. bought a new position in shares of Avidity Biosciences in the fourth quarter worth approximately $73,000. Neo Ivy Capital Management grew its holdings in shares of Avidity Biosciences by 479.2% in the fourth quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company’s stock worth $2,795,000 after purchasing an additional 79,524 shares during the last quarter. Castleark Management LLC grew its holdings in shares of Avidity Biosciences by 23.7% in the fourth quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company’s stock worth $2,054,000 after purchasing an additional 13,510 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its holdings in shares of Avidity Biosciences by 235.7% in the fourth quarter. Voloridge Investment Management LLC now owns 191,550 shares of the biotechnology company’s stock worth $5,570,000 after purchasing an additional 134,489 shares during the last quarter.

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.