Avidity Biosciences (NASDAQ:RNA) Coverage Initiated at Royal Bank of Canada

Stock analysts at Royal Bank of Canada initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm set an “outperform” rating and a $67.00 price target on the biotechnology company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 54.63% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Barclays assumed coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $63.60.

Avidity Biosciences Price Performance

Shares of RNA opened at $43.33 on Tuesday. Avidity Biosciences has a 1 year low of $6.60 and a 1 year high of $56.00. The stock has a 50 day simple moving average of $45.54 and a two-hundred day simple moving average of $41.26. The firm has a market cap of $5.17 billion, a P/E ratio of -15.05 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities analysts anticipate that Avidity Biosciences will post -2.84 earnings per share for the current year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at $678,175.90. The trade was a 25.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Teresa Mccarthy sold 13,153 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the transaction, the insider now directly owns 69,018 shares in the company, valued at approximately $3,036,792. This represents a 16.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 150,866 shares of company stock valued at $6,724,557 in the last 90 days. Insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences in the third quarter valued at about $27,000. Allspring Global Investments Holdings LLC purchased a new position in Avidity Biosciences during the 3rd quarter valued at about $30,000. Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences in the 3rd quarter valued at about $32,000. Quarry LP raised its holdings in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC lifted its position in shares of Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 shares during the period.

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.