Chardan Capital Reiterates "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 reissued by stock analysts at Chardan Capital in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $75.00 price objective on the biotechnology company's stock. Chardan Capital's price objective would suggest a potential upside of 67.64% from the company's previous close.

A number of other research analysts have also weighed in on RNA. The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 price objective on the stock in a report on Thursday, July 10th. JPMorgan Chase & Co. raised their price target on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Citigroup raised their price target on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Barclays restated an "overweight" rating and issued a $62.00 price target (up previously from $59.00) on shares of Avidity Biosciences in a research report on Friday, August 8th. Finally, Wolfe Research began coverage on Avidity Biosciences in a research report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $68.33.

Avidity Biosciences Stock Up 9.0%

RNA stock traded up $3.70 on Wednesday, reaching $44.74. 12,961,507 shares of the company's stock were exchanged, compared to its average volume of 2,902,130. The stock has a fifty day moving average of $40.89 and a 200-day moving average of $33.69. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $56.00. The firm has a market cap of $5.76 billion, a PE ratio of -12.57 and a beta of 0.99.

Insider Activity

In related news, insider Teresa Mccarthy sold 10,000 shares of Avidity Biosciences stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $46.56, for a total transaction of $465,600.00. Following the completion of the sale, the insider owned 97,130 shares in the company, valued at approximately $4,522,372.80. This trade represents a 9.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Mosbrooker sold 6,563 shares of Avidity Biosciences stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $47.07, for a total value of $308,920.41. Following the sale, the insider owned 55,000 shares of the company's stock, valued at approximately $2,588,850. This represents a 10.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 541,410 shares of company stock worth $24,842,402 in the last quarter. Corporate insiders own 3.83% of the company's stock.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its holdings in shares of Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock valued at $116,000 after buying an additional 418 shares during the period. Corebridge Financial Inc. raised its holdings in shares of Avidity Biosciences by 0.8% during the 1st quarter. Corebridge Financial Inc. now owns 55,643 shares of the biotechnology company's stock valued at $1,643,000 after buying an additional 463 shares during the period. California State Teachers Retirement System raised its holdings in shares of Avidity Biosciences by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company's stock valued at $2,563,000 after buying an additional 466 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Avidity Biosciences by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company's stock valued at $181,000 after buying an additional 514 shares during the period. Finally, Parallel Advisors LLC raised its holdings in shares of Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after buying an additional 515 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.