Avidity Biosciences (NASDAQ:RNA) PT Raised to $65.00

Avidity Biosciences (NASDAQ:RNA) had its price objective hoisted by stock analysts at Chardan Capital from $60.00 to $65.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Chardan Capital’s price objective suggests a potential upside of 44.48% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on RNA. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Barclays assumed 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 for the company. Evercore ISI dropped their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, TD Cowen upped their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and a consensus target price of $63.22.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $44.99 on Wednesday. The firm has a market cap of $4.94 billion, a price-to-earnings ratio of -15.16 and a beta of 0.89. The firm has a 50 day simple moving average of $44.47 and a 200-day simple moving average of $38.42. Avidity Biosciences has a one year low of $4.82 and a one year high of $50.78.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results 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. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The company had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Equities analysts predict that Avidity Biosciences will post -2.99 EPS for the current fiscal year.

Insider Activity

In other news, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the completion of the sale, the insider now owns 94,018 shares in the company, valued at $4,561,753.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the transaction, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $4,561,753.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Tamar Thompson sold 30,000 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $44.98, for a total transaction of $1,349,400.00. The disclosure for this sale can be found here. Over the last 90 days, 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 Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. boosted its position in shares of Avidity Biosciences by 100.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 22,526 shares of the biotechnology company’s stock worth $1,035,000 after purchasing an additional 11,291 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Avidity Biosciences by 48.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,236 shares of the biotechnology company’s stock worth $179,000 after buying an additional 1,381 shares in the last quarter. Values First Advisors Inc. acquired a new position in Avidity Biosciences during the third quarter worth about $32,000. International Assets Investment Management LLC acquired a new position in Avidity Biosciences during the third quarter worth about $16,880,000. Finally, Precision Wealth Strategies LLC purchased a new position in Avidity Biosciences in the third quarter valued at about $251,000.

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.