Avidity Biosciences’ (RNA) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $67.00 price target on the biotechnology company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 120.61% from the company’s previous close.

Several other analysts have also commented on the company. TD Cowen lifted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. The Goldman Sachs Group started coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Chardan Capital reissued a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $65.80.

Avidity Biosciences Stock Performance

Shares of RNA stock traded up $1.45 during mid-day trading on Tuesday, hitting $30.37. The company’s stock had a trading volume of 520,247 shares, compared to its average volume of 1,304,004. Avidity Biosciences has a 52-week low of $9.93 and a 52-week high of $56.00. The business has a 50-day moving average price of $35.54 and a 200 day moving average price of $41.30. The stock has a market cap of $3.62 billion, a price-to-earnings ratio of -10.56 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Equities research analysts predict that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Transactions at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $41.14, for a total value of $1,028,500.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $3,867,900.52. The trade was a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 31,855 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the sale, the chief executive officer now owns 265,308 shares in the company, valued at $8,664,959.28. This represents a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 133,071 shares of company stock valued at $4,679,174 over the last 90 days. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences in the third quarter worth approximately $27,000. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences during the 3rd quarter valued at $30,000. Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $32,000. Quarry LP lifted its holdings in shares of Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC raised its stake in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares during the last quarter.

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.