Chardan Capital Reaffirms “Buy” Rating for Avidity Biosciences (NASDAQ:RNA)

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

Several other analysts have also recently weighed in on RNA. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. HC Wainwright reiterated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Friday, January 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and a consensus target price of $65.20.

Avidity Biosciences Stock Up 5.4 %

NASDAQ:RNA opened at $30.64 on Friday. The stock has a market cap of $3.66 billion, a P/E ratio of -10.64 and a beta of 1.00. The firm’s fifty day simple moving average is $31.01 and its 200 day simple moving average is $38.89. Avidity Biosciences has a twelve month low of $16.30 and a twelve month high of $56.00.

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

Insider Transactions at Avidity Biosciences

In other news, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the transaction, the director now owns 12,958 shares of the company’s stock, valued at $370,598.80. The trade was a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 directly owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 129,138 shares of company stock valued at $4,229,012 in the last quarter. 3.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently modified their holdings of the stock. National Bank of Canada FI purchased a new position in Avidity Biosciences in the 3rd quarter worth about $27,000. TD Waterhouse Canada Inc. raised its position in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Avidity Biosciences in the 3rd quarter worth about $30,000. Van ECK Associates Corp purchased a new position in Avidity Biosciences in the 4th quarter worth about $38,000. Finally, Headlands Technologies LLC purchased a new position in Avidity Biosciences in the 4th quarter worth about $60,000.

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.