Avidity Biosciences (NASDAQ:RNA) Now Covered by Royal Bank of Canada

Royal Bank of Canada assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note released on Tuesday, MarketBeat Ratings reports. The firm issued an outperform rating and a $67.00 price target on the biotechnology company’s stock.

Several other equities research analysts have also issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Barclays started coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Chardan Capital reiterated a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Finally, TD Cowen boosted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $63.60.

Avidity Biosciences Stock Down 0.7 %

NASDAQ RNA opened at $43.03 on Tuesday. The company’s 50 day moving average is $45.47 and its 200-day moving average is $41.29. The firm has a market cap of $5.13 billion, a P/E ratio of -14.94 and a beta of 0.91. Avidity Biosciences has a 12-month low of $6.79 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Equities analysts expect that Avidity Biosciences will post -2.84 EPS for the current year.

Insider Activity at Avidity Biosciences

In other news, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares in the company, valued at approximately $10,325,172. This represents a 12.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on 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 transaction, the insider now owns 94,018 shares of the company’s stock, valued at $4,561,753.36. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 150,866 shares of company stock worth $6,724,557. 3.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI bought a new position in shares of Avidity Biosciences in the third quarter worth about $27,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences during the third quarter worth $30,000. Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $32,000. Quarry LP boosted its position in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC increased its position in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after buying an additional 1,392 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.