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

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "buy" rating reiterated by Chardan Capital in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $65.00 target price on the biotechnology company's stock. Chardan Capital's target price indicates a potential upside of 147.52% from the stock's previous close.

Other research analysts have also recently issued research reports about the stock. Scotiabank began coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. Citigroup started coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a "buy" rating and a $70.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Bank of America lowered their target price on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Finally, BMO Capital Markets started coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target on the stock. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $26.26 on Wednesday. The stock has a market capitalization of $3.16 billion, a P/E ratio of -9.12 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 company has a 50 day moving average price of $29.39 and a 200 day moving average price of $33.80.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Research analysts forecast 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, CFO Michael F. Maclean sold 7,935 shares of the 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 $246,461.10. Following the completion of the transaction, the chief financial officer now directly owns 96,720 shares of the company's stock, valued at approximately $3,004,123.20. This represents a 7.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the sale, the insider now owns 50,554 shares in the company, valued at approximately $1,406,917.82. This trade represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,803 shares of company stock worth $1,877,437. 3.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors have recently made changes to their positions in RNA. Price T Rowe Associates Inc. MD lifted its stake in shares of Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock valued at $321,127,000 after purchasing an additional 408,861 shares during the period. Vanguard Group Inc. lifted its position in shares of Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after acquiring an additional 205,027 shares during the period. Wellington Management Group LLP boosted its stake in shares of Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after acquiring an additional 1,075,148 shares in the last quarter. Avoro Capital Advisors LLC grew its holdings in shares of Avidity Biosciences by 9.1% in the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after acquiring an additional 625,000 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after purchasing an additional 2,156,844 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.

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