Chardan Capital Reiterates Buy Rating for Avidity Biosciences (NASDAQ:RNA)

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

A number of other equities analysts have also weighed in on the stock. Barclays began coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price for the company. TD Cowen boosted their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Evercore ISI reduced their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday. Finally, The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences presently has a consensus rating of “Buy” and an average price target of $63.22.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $42.18 on Wednesday. Avidity Biosciences has a 52-week low of $5.68 and a 52-week high of $56.00. The company has a 50-day simple moving average of $45.26 and a 200 day simple moving average of $40.31.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million for 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%. As a group, analysts anticipate that Avidity Biosciences will post -2.9 earnings per share for the current year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the firm’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 $578,732.00. Following the sale, the insider now owns 69,018 shares in the company, valued at $3,036,792. This trade represents a 16.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at $678,175.90. The trade was a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 127,543 shares of company stock worth $5,782,042. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. National Bank of Canada FI bought a new position in shares of Avidity Biosciences during the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new position in shares of Avidity Biosciences during the third quarter valued at about $30,000. Values First Advisors Inc. purchased a new position in shares of Avidity Biosciences in the third quarter worth about $32,000. Quarry LP lifted its stake in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC boosted its holdings in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after acquiring an additional 1,392 shares during the period.

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.