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

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "outperform" rating reaffirmed by analysts at Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They presently have a $67.00 price objective on the biotechnology company's stock. Royal Bank of Canada's target price indicates a potential upside of 117.25% from the company's current price.

Several other equities research analysts have also issued reports on RNA. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen boosted their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, October 21st. HC Wainwright restated a "buy" rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Friday, January 10th. Finally, 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 on the stock. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $65.80.

Avidity Biosciences Stock Up 6.6 %

NASDAQ RNA traded up $1.92 on Tuesday, reaching $30.84. The company had a trading volume of 1,382,992 shares, compared to its average volume of 1,377,308. The stock has a market capitalization of $3.68 billion, a PE ratio of -10.71 and a beta of 0.99. Avidity Biosciences has a 12 month low of $9.93 and a 12 month high of $56.00. The firm's 50 day moving average price is $35.22 and its 200 day moving average price is $41.25.

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

Insider Transactions at Avidity Biosciences

In other news, CEO Sarah Boyce sold 31,855 shares of the business's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the sale, the chief executive officer now owns 265,308 shares in the company, valued at approximately $8,664,959.28. The trade was a 10.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider W. Michael Flanagan sold 12,742 shares of the company's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the sale, the insider now directly owns 72,647 shares of the company's stock, valued at $2,372,651.02. The trade was a 14.92 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 133,071 shares of company stock valued at $4,679,174. 3.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently bought and sold shares of the business. Lord Abbett & CO. LLC grew its position in shares of Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock worth $24,766,000 after buying an additional 124,867 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Avidity Biosciences by 24.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company's stock valued at $45,479,000 after purchasing an additional 197,065 shares during the last quarter. RA Capital Management L.P. boosted its position in shares of Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock worth $289,378,000 after purchasing an additional 900,000 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock worth $30,190,000 after buying an additional 707,773 shares during the last quarter. Finally, Darwin Global Management Ltd. acquired a new position in Avidity Biosciences during the 2nd quarter valued at about $8,108,000.

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.