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

Chardan Capital reaffirmed their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research note published on Monday,Benzinga reports. Chardan Capital currently has a $65.00 price target on the biotechnology company’s stock.

A number of other equities research analysts also recently weighed in on the company. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. HC Wainwright reiterated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Friday, January 10th. Citigroup began coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective on the stock. BMO Capital Markets began coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective on the stock. Finally, Bank of America decreased their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $66.69.

Avidity Biosciences Stock Up 4.1 %

NASDAQ RNA opened at $31.72 on Monday. The stock’s 50-day simple moving average is $31.06 and its two-hundred day simple moving average is $37.63. Avidity Biosciences has a twelve month low of $21.56 and a twelve month high of $56.00. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of -11.01 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. On average, equities analysts expect that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the transaction, the director now owns 12,958 shares of the company’s stock, valued at $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,390 shares of company stock valued at $718,303 over the last ninety days. 3.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in the business. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $27,000. TD Waterhouse Canada Inc. raised its holdings in shares of Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares during the last quarter. Van ECK Associates Corp acquired a new position in Avidity Biosciences during the fourth quarter valued at $38,000. Headlands Technologies LLC acquired a new position in Avidity Biosciences during the fourth quarter valued at $60,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Avidity Biosciences in the fourth quarter worth about $73,000.

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.