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

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

A number of other brokerages have also recently issued reports on RNA. Citigroup started coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective for the company. Scotiabank started coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Barclays reduced their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Price Performance

RNA opened at $27.87 on Wednesday. The company has a market capitalization of $3.36 billion, a PE ratio of -9.68 and a beta of 1.00. Avidity Biosciences has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The business has a 50-day moving average of $29.28 and a 200-day moving average of $33.49.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities research analysts expect that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the sale, the chief executive officer now directly owns 305,871 shares of the company’s stock, valued at approximately $9,500,353.26. This trade represents a 9.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael F. Maclean sold 7,935 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $246,461.10. Following the sale, the chief financial officer now owns 96,720 shares of the company’s stock, valued at approximately $3,004,123.20. The trade was a 7.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,803 shares of company stock worth $1,877,437. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RNA. Barclays PLC raised its stake in shares of Avidity Biosciences by 68.5% during the third quarter. Barclays PLC now owns 255,699 shares of the biotechnology company’s stock worth $11,743,000 after buying an additional 103,905 shares during the last quarter. Tidal Investments LLC bought a new position in Avidity Biosciences in the third quarter valued at approximately $407,000. Franklin Resources Inc. grew its holdings in Avidity Biosciences by 229.9% during the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock worth $3,412,000 after acquiring an additional 50,908 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Avidity Biosciences during the 4th quarter valued at $1,179,000. Finally, Aaron Wealth Advisors LLC lifted its stake in shares of Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock valued at $236,000 after purchasing an additional 504 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.