Avidity Biosciences (NASDAQ:RNA) Given “Buy” Rating at Chardan Capital

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reissued by equities research analysts at Chardan Capital in a report issued on Monday,Benzinga reports. They currently have a $65.00 price objective on the biotechnology company’s stock. Chardan Capital’s target price points to a potential upside of 113.25% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. Citigroup assumed coverage on Avidity Biosciences in a research report on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective for the company. Bank of America reduced their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Barclays reduced their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. BMO Capital Markets started coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Stock Down 9.9 %

RNA opened at $30.48 on Monday. The stock has a fifty day moving average of $31.03 and a 200-day moving average of $37.67. The firm has a market capitalization of $3.66 billion, a P/E ratio of -10.58 and a beta of 1.02. Avidity Biosciences has a 12-month low of $21.56 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. On average, analysts expect that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other news, insider Teresa Mccarthy sold 2,959 shares of Avidity Biosciences stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,390 shares of company stock worth $718,303. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd bought a new position in Avidity Biosciences during the fourth quarter valued at about $386,000. Lord Abbett & CO. LLC increased its stake in Avidity Biosciences by 30.1% during the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock valued at $24,766,000 after acquiring an additional 124,867 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Avidity Biosciences by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock valued at $45,479,000 after acquiring an additional 197,065 shares during the period. RA Capital Management L.P. increased its stake in Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after acquiring an additional 900,000 shares during the period. Finally, FMR LLC increased its stake in Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after acquiring an additional 689,729 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.