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

Key Points

• Avidity Biosciences received a "buy" rating from Chardan Capital, with a target price of $75.00, indicating potential upside of 57.83% from the current price.
• A total of sixteen analysts have rated Avidity's stock as a buy, contributing to a consensus rating of "Buy" and an average price target of $66.35.
• The company reported a negative net margin of 4,136.00% and revenue of $1.60 million, missing analysts' expectations for the quarter.

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "buy" rating restated by research analysts at Chardan Capital in a research note issued on Friday,Benzinga reports. They presently have a $75.00 target price on the biotechnology company's stock. Chardan Capital's price target indicates a potential upside of 62.02% from the stock's current price.

Other equities research analysts have also issued reports about the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a report on Friday, June 27th. Evercore ISI restated an "outperform" rating and issued a $70.00 price objective on shares of Avidity Biosciences in a report on Friday, July 11th. The Goldman Sachs Group upgraded shares of Avidity Biosciences to a "buy" rating and set a $55.00 price objective on the stock in a report on Thursday, July 10th. Citigroup increased their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Sanford C. Bernstein started coverage on shares of Avidity Biosciences in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 target price on the stock. Seventeen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of "Buy" and an average target price of $67.00.

Avidity Biosciences Trading Down 2.6%

RNA traded down $1.23 during trading hours on Friday, hitting $46.29. 4,928,112 shares of the company's stock were exchanged, compared to its average volume of 3,771,629. Avidity Biosciences has a 12-month low of $21.51 and a 12-month high of $56.00. The firm has a 50 day moving average of $33.25 and a 200 day moving average of $31.27. The firm has a market cap of $5.58 billion, a P/E ratio of -15.43 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. As a group, research analysts expect that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Eric Mosbrooker sold 130,807 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total transaction of $5,763,356.42. Following the transaction, the insider directly owned 55,000 shares of the company's stock, valued at approximately $2,423,300. This trade represents a 70.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Troy Edward Wilson sold 65,554 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total transaction of $2,949,930.00. Following the transaction, the director directly owned 17,776 shares in the company, valued at $799,920. The trade was a 78.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 443,826 shares of company stock worth $19,597,686 in the last three months. Company insiders own 3.83% of the company's stock.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently made changes to their positions in the company. Creative Planning lifted its stake in shares of Avidity Biosciences by 20.2% in the 2nd quarter. Creative Planning now owns 39,260 shares of the biotechnology company's stock worth $1,115,000 after acquiring an additional 6,599 shares during the period. SG Americas Securities LLC increased its holdings in shares of Avidity Biosciences by 25.4% in the 2nd quarter. SG Americas Securities LLC now owns 21,930 shares of the biotechnology company's stock valued at $623,000 after purchasing an additional 4,440 shares in the last quarter. Fiera Capital Corp lifted its stake in shares of Avidity Biosciences by 1.2% in the second quarter. Fiera Capital Corp now owns 781,908 shares of the biotechnology company's stock valued at $22,206,000 after purchasing an additional 9,608 shares during the period. Candriam S.C.A. boosted its holdings in Avidity Biosciences by 0.8% during the second quarter. Candriam S.C.A. now owns 442,773 shares of the biotechnology company's stock worth $12,575,000 after buying an additional 3,674 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey grew its position in Avidity Biosciences by 4.8% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 25,640 shares of the biotechnology company's stock worth $728,000 after buying an additional 1,181 shares during the period.

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.