Chardan Capital Reiterates “Buy” Rating for Avidity Biosciences (NASDAQ:RNA)

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reissued by stock analysts at Chardan Capital in a research report issued on Friday, Benzinga reports. They currently have a $33.00 price target on the biotechnology company’s stock. Chardan Capital’s price target points to a potential upside of 27.12% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and set a $35.00 price target on shares of Avidity Biosciences in a research note on Friday. Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a research report on Thursday, March 14th. They set an “overweight” rating and a $60.00 target price on the stock. Finally, Bank of America initiated coverage on shares of Avidity Biosciences in a research report on Friday, May 3rd. They issued a “buy” rating and a $40.00 price target for the company. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $38.29.

Avidity Biosciences Stock Down 4.2 %

Shares of RNA opened at $25.96 on Friday. The company has a 50-day simple moving average of $24.21 and a 200-day simple moving average of $14.70. Avidity Biosciences has a 52 week low of $4.82 and a 52 week high of $27.66.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.25). Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 43.49%. The firm had revenue of $2.19 million during the quarter, compared to analyst estimates of $32.08 million. On average, research analysts anticipate that Avidity Biosciences will post -3.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Sarah Boyce sold 84,000 shares of Avidity Biosciences stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $21.39, for a total value of $1,796,760.00. Following the completion of the transaction, the chief executive officer now owns 112,117 shares in the company, valued at $2,398,182.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Sarah Boyce sold 84,000 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the sale, the chief executive officer now owns 112,117 shares in the company, valued at $2,398,182.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael F. Maclean sold 40,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $24.52, for a total value of $980,800.00. Following the completion of the transaction, the chief financial officer now directly owns 44,093 shares of the company’s stock, valued at $1,081,160.36. The disclosure for this sale can be found here. Insiders sold 232,641 shares of company stock worth $5,391,551 in the last quarter. 2.00% of the stock is owned by corporate insiders.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System lifted its stake in shares of Avidity Biosciences by 4.5% during the first 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 acquiring an additional 920 shares during the period. ProShare Advisors LLC lifted its position in Avidity Biosciences by 11.2% during the 1st quarter. ProShare Advisors LLC now owns 18,878 shares of the biotechnology company’s stock valued at $482,000 after purchasing an additional 1,898 shares during the period. Sei Investments Co. boosted its stake in shares of Avidity Biosciences by 15.4% in the 1st quarter. Sei Investments Co. now owns 36,635 shares of the biotechnology company’s stock valued at $935,000 after purchasing an additional 4,881 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Avidity Biosciences during the 1st quarter worth approximately $664,000. Finally, Swiss National Bank raised its stake in shares of Avidity Biosciences by 20.5% during the first quarter. Swiss National Bank now owns 140,800 shares of the biotechnology company’s stock worth $3,593,000 after buying an additional 24,000 shares during 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.