Royal Bank of Canada Reaffirms Outperform Rating for Avidity Biosciences (NASDAQ:RNA)

Royal Bank of Canada reaffirmed their outperform rating on shares of Avidity Biosciences (NASDAQ:RNA) in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a $67.00 price objective on the biotechnology company’s stock.

A number of other research firms have also recently weighed in on RNA. HC Wainwright restated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Friday, January 10th. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Chardan Capital reissued a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, TD Cowen lifted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus target price of $65.80.

Avidity Biosciences Stock Up 6.6 %

Shares of Avidity Biosciences stock opened at $30.84 on Tuesday. The firm has a market cap of $3.68 billion, a PE ratio of -10.71 and a beta of 0.99. The business has a 50-day moving average price of $35.22 and a 200 day moving average price of $41.25. Avidity Biosciences has a twelve month low of $9.93 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. On average, sell-side analysts expect that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Activity

In other news, insider W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00. Following the transaction, the insider now owns 85,389 shares in the company, valued at $3,054,364.53. The trade was a 21.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at $3,867,900.52. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 133,071 shares of company stock worth $4,679,174 over the last ninety days. Corporate insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. PEAK6 Investments LLC raised its position in Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 343 shares during the period. Aaron Wealth Advisors LLC raised its holdings in Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock valued at $236,000 after buying an additional 504 shares during the period. National Bank of Canada FI acquired a new position in 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 third quarter worth about $30,000. Finally, Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences during the third quarter valued at about $32,000.

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.