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

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at Chardan Capital in a research report issued on Monday,Benzinga reports. They currently have a $65.00 target price on the biotechnology company's stock. Chardan Capital's price target points to a potential upside of 110.77% from the company's current price.

A number of other equities analysts have also recently issued reports on the stock. Citigroup initiated coverage on shares of 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 dropped their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Scotiabank assumed coverage on Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price objective on the stock. BMO Capital Markets started coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price for the company. Finally, Royal Bank of Canada restated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences has an average rating of "Buy" and an average price target of $66.69.

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Avidity Biosciences Stock Up 0.0 %

Avidity Biosciences stock traded up $0.01 during trading hours on Monday, hitting $30.84. The stock had a trading volume of 1,849,399 shares, compared to its average volume of 1,314,704. The company has a 50-day moving average of $31.08 and a two-hundred day moving average of $37.58. 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 $3.71 billion, a PE ratio of -10.71 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). The firm had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, analysts forecast that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Activity

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the company's 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 sale, the insider now directly owns 50,554 shares of the company's stock, valued at $1,625,816.64. This represents a 10.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sarah Boyce sold 10,397 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $297,250.23. Following the completion of the sale, the chief executive officer now owns 337,411 shares in the company, valued at $9,646,580.49. This represents a 2.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,390 shares of company stock valued at $718,303 in the last 90 days. 3.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd acquired a new stake in Avidity Biosciences during the 4th quarter worth $386,000. Lord Abbett & CO. LLC increased 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 in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of 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 worth $45,479,000 after purchasing an additional 197,065 shares during the period. RA Capital Management L.P. lifted its holdings in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock valued at $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock valued at $773,864,000 after purchasing an additional 689,729 shares in the last quarter.

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.