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

Royal Bank of Canada reiterated their outperform rating on shares of Avidity Biosciences (NASDAQ:RNA) in a report published on Tuesday,Benzinga reports. They currently have a $67.00 target price on the biotechnology company’s stock.

A number of other research firms have also issued reports on RNA. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Friday, January 10th. TD Cowen increased their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $65.80.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $30.13 on Tuesday. Avidity Biosciences has a twelve month low of $10.12 and a twelve month high of $56.00. The firm has a market cap of $3.59 billion, a PE ratio of -10.46 and a beta of 0.99. The firm’s 50 day moving average price is $34.38 and its two-hundred day moving average price is $41.09.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 11,151 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $364,191.66. Following the transaction, the chief financial officer now directly owns 82,942 shares in the company, valued at $2,708,885.72. This trade represents a 11.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sarah Boyce sold 31,855 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction 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 $8,664,959.28. This represents a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 151,586 shares of company stock worth $5,208,537. 3.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently bought and sold shares of the company. National Bank of Canada FI bought a new position in shares of Avidity Biosciences during the third quarter worth $27,000. Allspring Global Investments Holdings LLC acquired a new stake in Avidity Biosciences during the 3rd quarter worth $30,000. Values First Advisors Inc. acquired a new stake in Avidity Biosciences during the 3rd quarter worth $32,000. Quarry LP lifted its holdings in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC grew its stake in Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after acquiring an additional 1,392 shares during the period.

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.