Chardan Capital Issues Positive Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its price objective increased by Chardan Capital from $65.00 to $75.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other analysts also recently issued reports on RNA. Bank of America dropped their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. BMO Capital Markets began coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price target for the company. Barclays cut their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Citigroup assumed coverage on Avidity Biosciences in a research report on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus target price of $67.62.

Avidity Biosciences Trading Down 9.9%

Shares of RNA opened at $32.66 on Monday. Avidity Biosciences has a 12-month low of $21.51 and a 12-month high of $56.00. The company has a market cap of $3.94 billion, a PE ratio of -11.34 and a beta of 0.95. The stock has a 50-day moving average price of $29.49 and a 200-day moving average price of $31.33.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $2.63 million. As a group, analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insiders Place Their Bets

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,540 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares of the company’s stock, valued at $9,500,353.26. This trade represents a 9.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $32.48, for a total transaction of $190,820.00. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at $1,641,993.92. The trade was a 10.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,678 shares of company stock valued at $2,068,257 in the last ninety days. Company insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. TD Waterhouse Canada Inc. grew its position in shares of Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares during the last quarter. Van ECK Associates Corp purchased a new stake in Avidity Biosciences in the fourth quarter worth $38,000. Parallel Advisors LLC boosted its holdings in Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock valued at $50,000 after acquiring an additional 515 shares in the last quarter. Headlands Technologies LLC bought a new stake in Avidity Biosciences in the fourth quarter valued at $60,000. Finally, GF Fund Management CO. LTD. purchased a new position in Avidity Biosciences during the 4th quarter valued at $73,000.

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.