Avidity Biosciences’ (RNA) Buy Rating Reiterated at Chardan Capital

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

Several other research analysts have also issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Evercore ISI dropped their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday. TD Cowen boosted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, 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 target price on the stock. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average price target of $63.22.

Avidity Biosciences Stock Down 15.6 %

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

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

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $46.63, for a total transaction of $233,150.00. Following the transaction, the director now directly owns 14,830 shares in the company, valued at $691,522.90. The trade was a 25.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the sale, the chief executive officer now directly owns 234,663 shares in the company, valued at approximately $10,325,172. This represents a 12.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,543 shares of company stock worth $5,782,042. Insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its holdings in shares of Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after buying an additional 689,729 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Avidity Biosciences by 7.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after purchasing an additional 516,446 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after acquiring an additional 3,228,923 shares in the last quarter. Avoro Capital Advisors LLC increased its position in shares of Avidity Biosciences by 11.7% in the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after acquiring an additional 680,000 shares in the last quarter. Finally, RA Capital Management L.P. increased its position in shares of Avidity Biosciences by 16.7% in the third 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 in 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.