Avidity Biosciences (NASDAQ:RNA) Receives “Buy” Rating from Chardan Capital

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reaffirmed by research analysts at Chardan Capital in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $65.00 price target on the biotechnology company’s stock. Chardan Capital’s target price suggests a potential upside of 112.14% from the stock’s previous close.

RNA has been the topic of a number of other reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. HC Wainwright reiterated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $65.20.

Avidity Biosciences Trading Up 5.4 %

Shares of NASDAQ RNA opened at $30.64 on Friday. The company has a fifty day moving average price of $31.01 and a 200 day moving average price of $38.85. The firm has a market cap of $3.66 billion, a PE ratio of -10.64 and a beta of 1.00. Avidity Biosciences has a 1-year low of $16.30 and a 1-year 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 for the quarter, missing the consensus estimate of ($0.76) by ($0.04). 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 $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Equities research analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling

In other news, insider W. Michael Flanagan sold 24,000 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total value of $858,480.00. Following the transaction, the insider now directly owns 85,389 shares of the company’s stock, valued at $3,054,364.53. This represents a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction dated 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 owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 129,138 shares of company stock worth $4,229,012. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. PEAK6 Investments LLC boosted its holdings in shares of Avidity Biosciences by 4.9% during the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after acquiring an additional 343 shares during the period. Aaron Wealth Advisors LLC lifted its holdings in Avidity Biosciences by 6.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after purchasing an additional 504 shares during the last quarter. Quantinno Capital Management LP boosted its stake in Avidity Biosciences by 8.0% in the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock valued at $204,000 after purchasing an additional 518 shares during the period. National Bank of Canada FI bought a new stake in Avidity Biosciences in the 3rd quarter valued at $27,000. Finally, New York State Common Retirement Fund grew its holdings in Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock valued at $5,374,000 after buying an additional 598 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.