Avidity Biosciences (NASDAQ:RNA) Price Target Raised to $65.00 at Chardan Capital

Avidity Biosciences (NASDAQ:RNA) had its price target increased by Chardan Capital from $60.00 to $65.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Several other brokerages have also weighed in on RNA. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Barclays initiated coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Evercore ISI dropped their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $63.22.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $43.22 on Wednesday. Avidity Biosciences has a 1 year low of $4.82 and a 1 year high of $50.78. The stock has a market capitalization of $4.75 billion, a P/E ratio of -14.70 and a beta of 0.89. The business’s fifty day moving average is $44.43 and its two-hundred day moving average is $38.46.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The firm had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. On average, research analysts forecast that Avidity Biosciences will post -2.99 earnings per share for the current year.

Insider Activity

In other news, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the transaction, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at $8,888,614.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total value of $1,213,800.00. Following the transaction, the chief executive officer now owns 205,043 shares in the company, valued at $8,888,614.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the sale, the director now owns 14,830 shares of the company’s stock, valued at $678,175.90. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 155,543 shares of company stock worth $6,995,842. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RNA. Concurrent Investment Advisors LLC bought a new stake in shares of Avidity Biosciences during the 1st quarter valued at $664,000. D. E. Shaw & Co. Inc. lifted its holdings in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after buying an additional 707,773 shares in the last quarter. Sofinnova Investments Inc. bought a new position in shares of Avidity Biosciences in the second quarter valued at approximately $875,000. Darwin Global Management Ltd. purchased a new position in Avidity Biosciences during the second quarter valued at approximately $8,108,000. Finally, American Century Companies Inc. increased its holdings in Avidity Biosciences by 18.5% during the 2nd quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock worth $6,725,000 after acquiring an additional 25,663 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.