Chardan Capital Forecasts Strong Price Appreciation for Avidity Biosciences (NASDAQ:RNA) Stock

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its price target upped by research analysts at Chardan Capital from $65.00 to $75.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock. Chardan Capital's price objective points to a potential upside of 133.35% from the company's current price.

Other equities research analysts have also recently issued research reports about the stock. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. Scotiabank initiated coverage on Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective on the stock. Citigroup initiated coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price for the company. BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target on the stock. Finally, Barclays reduced their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $67.33.

Avidity Biosciences Trading Up 0.4%

NASDAQ:RNA traded up $0.13 during trading hours on Monday, reaching $32.14. 1,995,798 shares of the company traded hands, compared to its average volume of 1,432,903. The business's 50-day moving average price is $29.71 and its two-hundred day moving average price is $31.35. Avidity Biosciences has a 1 year low of $21.51 and a 1 year high of $56.00. The stock has a market capitalization of $3.87 billion, a P/E ratio of -11.16 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. As a group, equities analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Activity

In other news, insider W. Michael Flanagan sold 20,000 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the sale, the insider now directly owns 80,195 shares in the company, valued at $2,636,811.60. This represents a 19.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Steven George Hughes sold 9,578 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the sale, the insider now owns 72,850 shares in the company, valued at approximately $2,262,721. The trade was a 11.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,678 shares of company stock valued at $2,725,857 in the last quarter. 3.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently bought and sold shares of the business. Amalgamated Bank boosted its stake in shares of Avidity Biosciences by 12.0% in the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after acquiring an additional 418 shares during the period. Corebridge Financial Inc. lifted its holdings in Avidity Biosciences by 0.8% in the 1st quarter. Corebridge Financial Inc. now owns 55,643 shares of the biotechnology company's stock worth $1,643,000 after purchasing an additional 463 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Avidity Biosciences by 9.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company's stock worth $181,000 after purchasing an additional 514 shares during the period. Parallel Advisors LLC boosted its stake in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 515 shares during the period. Finally, Quantinno Capital Management LP grew its holdings in Avidity Biosciences by 8.0% during the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock valued at $204,000 after buying an additional 518 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.