Avidity Biosciences (NASDAQ:RNA) Stock Rating Reaffirmed by Chardan Capital

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating restated by research analysts at Chardan Capital in a research note issued to investors on Friday, Benzinga reports. They presently have a $33.00 target price on the biotechnology company’s stock. Chardan Capital’s target price indicates a potential upside of 27.66% from the stock’s current price.

RNA has been the subject of several other reports. Bank of America initiated coverage on Avidity Biosciences in a report on Friday, May 3rd. They issued a “buy” rating and a $40.00 price objective for the company. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 target price for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $35.00 target price on shares of Avidity Biosciences in a report on Friday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $38.29.

Avidity Biosciences Stock Performance

NASDAQ RNA traded down $1.25 on Friday, hitting $25.85. 381,229 shares of the stock were exchanged, compared to its average volume of 1,123,292. The stock has a fifty day moving average price of $24.09 and a two-hundred day moving average price of $14.49. The firm has a market capitalization of $2.47 billion, a P/E ratio of -8.94 and a beta of 0.79. Avidity Biosciences has a 52-week low of $4.82 and a 52-week high of $27.66.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.25). The firm had revenue of $2.19 million for the quarter, compared to analysts’ expectations of $32.08 million. Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. Sell-side analysts expect that Avidity Biosciences will post -3.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Sarah Boyce sold 84,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at approximately $2,398,182.63. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Sarah Boyce sold 84,000 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at $2,398,182.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 27,641 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total value of $608,931.23. Following the sale, the director now directly owns 14,830 shares in the company, valued at approximately $326,704.90. The disclosure for this sale can be found here. In the last three months, insiders sold 232,641 shares of company stock worth $5,391,551. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its holdings in shares of Avidity Biosciences by 15,900.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 3,180 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after buying an additional 2,714 shares during the period. Privium Fund Management B.V. acquired a new stake in shares of Avidity Biosciences during the first quarter worth about $205,000. China Universal Asset Management Co. Ltd. boosted its stake in shares of Avidity Biosciences by 352.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock worth $78,000 after buying an additional 6,675 shares during the period. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Avidity Biosciences during the first quarter worth about $221,000.

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.