Avidity Biosciences’ (RNA) “Buy” Rating Reiterated at Chardan Capital

Chardan Capital restated their buy rating on shares of Avidity Biosciences (NASDAQ:RNA) in a report published on Monday,Benzinga reports. The brokerage currently has a $65.00 price objective on the biotechnology company’s stock.

Several other brokerages also recently commented on RNA. Bank of America lowered their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 10th. BMO Capital Markets began coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective for the company. Citigroup began coverage on Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective for the company. Barclays lowered their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Stock Performance

RNA stock opened at $31.72 on Monday. The stock’s 50 day simple moving average is $31.06 and its 200 day simple moving average is $37.63. Avidity Biosciences has a fifty-two week low of $21.56 and a fifty-two week high of $56.00. The company has a market cap of $3.81 billion, a P/E ratio of -11.01 and a beta of 1.02.

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

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,390 shares of company stock valued at $718,303 over the last three months. Corporate insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

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