Avidity Biosciences (NASDAQ:RNA) Price Target Raised to $65.00 at Chardan Capital

Avidity Biosciences (NASDAQ:RNA) had its price objective increased by Chardan Capital from $60.00 to $65.00 in a research report report published on Wednesday, Benzinga reports. Chardan Capital currently has a buy rating on the biotechnology company’s stock.

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

Avidity Biosciences Stock Down 3.0 %

RNA opened at $43.22 on Wednesday. The business’s fifty day simple moving average is $44.43 and its 200 day simple moving average is $38.46. Avidity Biosciences has a 52 week low of $4.82 and a 52 week high of $50.78. The stock has a market cap of $4.75 billion, a PE ratio of -14.70 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. The company had revenue of $2.05 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. As a group, equities analysts anticipate that Avidity Biosciences will post -2.99 earnings per share for the current year.

Insider Activity

In related news, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00. Following the completion of the sale, the insider now owns 94,018 shares of the company’s stock, valued at $4,561,753.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the completion of the transaction, the insider now directly owns 94,018 shares of the company’s stock, valued at $4,561,753.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at $670,167.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 155,543 shares of company stock valued at $6,995,842. Company insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of RNA. Arizona State Retirement System raised its position in Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after buying an additional 405 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the third quarter valued at approximately $30,000. Values First Advisors Inc. purchased a new stake in Avidity Biosciences in the third quarter worth approximately $32,000. nVerses Capital LLC grew its position in Avidity Biosciences by 25.9% in the 2nd 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, State Board of Administration of Florida Retirement System raised its stake in Avidity Biosciences by 4.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after buying an additional 920 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.