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

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a research note issued on Tuesday,Benzinga reports. They presently have a $67.00 target price on the biotechnology company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 120.61% from the stock’s current price.

RNA has been the subject of several other reports. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. The Goldman Sachs Group began coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research report on Friday, January 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target 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 data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $65.80.

Avidity Biosciences Stock Up 5.0 %

Shares of NASDAQ RNA traded up $1.45 during midday trading on Tuesday, hitting $30.37. 520,247 shares of the company’s stock were exchanged, compared to its average volume of 1,304,004. Avidity Biosciences has a 12 month low of $9.93 and a 12 month high of $56.00. The company’s 50 day moving average price is $35.54 and its 200 day moving average price is $41.30. The firm has a market capitalization of $3.62 billion, a PE ratio of -10.56 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities research analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In related news, CEO Sarah Boyce sold 31,855 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30. Following the sale, the chief executive officer now owns 265,308 shares in the company, valued at approximately $8,664,959.28. This trade represents a 10.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Michael F. Maclean sold 11,151 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $364,191.66. Following the completion of the sale, the chief financial officer now owns 82,942 shares in the company, valued at $2,708,885.72. This trade represents a 11.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 133,071 shares of company stock valued at $4,679,174. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in RNA. Wellington Management Group LLP raised its position in Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after purchasing an additional 3,228,923 shares in the last quarter. State Street Corp grew its stake in shares of Avidity Biosciences by 41.7% in the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after purchasing an additional 1,386,087 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after purchasing an additional 1,239,323 shares in the last quarter. RA Capital Management L.P. raised 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 buying an additional 900,000 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its stake in Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after buying an additional 707,773 shares during the last quarter.

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.