Chardan Capital Issues Positive Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its price objective raised by stock 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 target price points to a potential upside of 53.81% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Barclays began coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Tuesday, August 13th. TD Cowen increased their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. The Goldman Sachs Group began coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus price target of $63.22.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $42.26 on Wednesday. The company has a market cap of $4.64 billion, a P/E ratio of -14.37 and a beta of 0.89. Avidity Biosciences has a fifty-two week low of $4.82 and a fifty-two week high of $50.78. The firm’s 50 day simple moving average is $44.42 and its 200-day simple moving average is $38.48.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.11. The company had revenue of $2.05 million for 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%. On average, analysts expect that Avidity Biosciences will post -2.99 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total value of $1,213,800.00. Following the transaction, the chief executive officer now owns 205,043 shares in the company, valued at $8,888,614.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Teresa Mccarthy sold 13,153 shares of the company’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 $578,732.00. Following the completion of the transaction, the insider now directly owns 69,018 shares in the company, valued at $3,036,792. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the completion of the sale, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at approximately $8,888,614.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 155,543 shares of company stock worth $6,995,842 over the last 90 days. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

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