Chardan Capital Forecasts Strong Price Appreciation for Avidity Biosciences (NASDAQ:RNA) Stock

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its price objective lifted by investment analysts at Chardan Capital from $60.00 to $65.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock. Chardan Capital's price objective points to a potential upside of 50.39% from the company's previous close.

A number of other analysts also recently weighed in on the stock. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They set a "buy" rating and a $59.00 price target for the company. TD Cowen upped their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Evercore ISI cut their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a report on Monday, August 26th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $63.22.

Avidity Biosciences Stock Performance

Shares of RNA stock traded down $1.35 during midday trading on Wednesday, hitting $43.22. 549,653 shares of the company were exchanged, compared to its average volume of 1,317,590. The firm has a market capitalization of $4.75 billion, a P/E ratio of -14.70 and a beta of 0.89. The firm's 50 day moving average price is $44.43 and its two-hundred day moving average price is $38.46. Avidity Biosciences has a 52 week low of $4.82 and a 52 week high of $50.78.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. Analysts expect that Avidity Biosciences will post -2.99 EPS for the current year.

Insider Activity

In related news, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the transaction, the chief executive officer now directly owns 234,663 shares of the company's stock, valued at $10,325,172. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $46.63, for a total transaction of $233,150.00. Following the transaction, the director now directly owns 14,830 shares of the company's stock, valued at $691,522.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of the firm's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares in the company, valued at $10,325,172. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 155,543 shares of company stock valued at $6,995,842. 3.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences in the third quarter valued at about $30,000. Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences in the third quarter valued at about $32,000. Quarry LP raised its holdings in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock valued at $82,000 after purchasing an additional 1,700 shares during the last quarter. nVerses Capital LLC raised its holdings in shares of Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company's stock valued at $139,000 after purchasing an additional 700 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Avidity Biosciences by 39.0% in the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company's stock valued at $143,000 after purchasing an additional 982 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.