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

Key Points

• Avidity Biosciences' stock has received a "Buy" rating from Chardan Capital, who set a price target of $75, indicating a potential upside of approximately 59.85% from its current value.
• Multiple analysts have shown confidence in the stock, with seventeen issuing a "Buy" rating and an average target price of $67.00.
• The biotechnology company's stock recently saw a slight increase, trading at $46.92 with a market capitalization of $6.04 billion.

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at Chardan Capital in a report released on Wednesday,Benzinga reports. They currently have a $75.00 price objective on the biotechnology company's stock. Chardan Capital's target price would indicate a potential upside of 81.81% from the stock's previous close.

A number of other research firms have also weighed in on RNA. Wolfe Research began coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 target price on the stock. Barclays restated an "overweight" rating and issued a $62.00 target price (up previously from $59.00) on shares of Avidity Biosciences in a report on Friday, August 8th. Wells Fargo & Company upped their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Bank of America upped their target price on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a report on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the company. Based on data from MarketBeat, Avidity Biosciences has a consensus rating of "Buy" and a consensus price target of $68.33.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA traded down $3.49 during trading on Wednesday, hitting $41.25. 2,431,102 shares of the company traded hands, compared to its average volume of 2,032,298. The business's fifty day moving average is $40.89 and its 200 day moving average is $33.75. Avidity Biosciences has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of -11.65 and a beta of 0.99.

Insider Transactions at Avidity Biosciences

In other news, Director Arthur A. Levin sold 107,500 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $47.62, for a total transaction of $5,119,150.00. Following the sale, the director owned 19,650 shares in the company, valued at approximately $935,733. This trade represents a 84.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven George Hughes sold 81,434 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $42.74, for a total transaction of $3,480,489.16. Following the sale, the insider owned 38,867 shares in the company, valued at approximately $1,661,175.58. This trade represents a 67.69% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 541,410 shares of company stock worth $24,842,402. 3.83% of the stock is owned by corporate insiders.

Institutional Trading of Avidity Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in RNA. Ameriprise Financial Inc. raised its position in shares of Avidity Biosciences by 106.1% during the 4th quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock valued at $798,000 after buying an additional 14,129 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Avidity Biosciences during the 4th quarter valued at $628,000. Deutsche Bank AG raised its position in shares of Avidity Biosciences by 18.6% during the 4th quarter. Deutsche Bank AG now owns 193,586 shares of the biotechnology company's stock valued at $5,629,000 after buying an additional 30,340 shares in the last quarter. Ensign Peak Advisors Inc raised its position in shares of Avidity Biosciences by 24.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 27,950 shares of the biotechnology company's stock valued at $813,000 after buying an additional 5,550 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Avidity Biosciences by 29.2% during the 4th quarter. Millennium Management LLC now owns 23,941 shares of the biotechnology company's stock valued at $696,000 after buying an additional 5,405 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.