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

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at Chardan Capital in a research note issued on Wednesday,Benzinga reports. They currently have a $65.00 price objective on the biotechnology company's stock. Chardan Capital's target price would suggest a potential upside of 117.12% from the company's current price.

Several other research firms also recently weighed in on RNA. Royal Bank of Canada restated an "outperform" rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Needham & Company LLC reiterated a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. HC Wainwright reiterated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Bank of America cut their target price on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Finally, BMO Capital Markets began coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $66.38.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded up $2.07 during midday trading on Wednesday, hitting $29.94. The company had a trading volume of 508,219 shares, compared to its average volume of 1,433,674. The stock has a market capitalization of $3.61 billion, a P/E ratio of -10.43 and a beta of 1.00. The company has a 50 day moving average of $29.28 and a 200 day moving average of $33.32. Avidity Biosciences has a 52-week low of $21.51 and a 52-week high of $56.00.

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 for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The company had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities research analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $32.40, for a total value of $190,350.00. Following the sale, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,637,949.60. The trade was a 10.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the sale, the insider now directly owns 72,850 shares in the company, valued at $2,262,721. This trade represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,803 shares of company stock valued at $1,877,437 over the last ninety days. 3.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in RNA. Price T Rowe Associates Inc. MD grew its position in 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 worth $321,127,000 after acquiring an additional 408,861 shares in the last quarter. Vanguard Group Inc. grew its position in Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after acquiring an additional 205,027 shares in the last quarter. Wellington Management Group LLP grew its position in Avidity Biosciences by 15.3% in the fourth 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 position in Avidity Biosciences by 9.1% in the fourth 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 in the last quarter. Finally, Janus Henderson Group PLC grew its position in Avidity Biosciences by 44.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after acquiring an additional 2,156,844 shares in the last quarter.

Avidity Biosciences Company Profile

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.