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

Avidity Biosciences (NASDAQ:RNA)‘s stock had its “buy” rating reiterated by Chardan Capital in a note issued to investors on Wednesday,Benzinga reports. They currently have a $75.00 target price on the biotechnology company’s stock. Chardan Capital’s target price points to a potential upside of 82.75% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Wolfe Research assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, June 17th. They issued an “outperform” rating and a $55.00 target price for the company. Raymond James Financial started coverage on shares of Avidity Biosciences in a research note on Wednesday, June 11th. They set a “strong-buy” rating and a $65.00 price objective on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Avidity Biosciences in a report on Friday, July 11th. Sanford C. Bernstein initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They set an “outperform” rating and a $50.00 target price on the stock. Finally, The Goldman Sachs Group upgraded shares of Avidity Biosciences to a “buy” rating and set a $55.00 price target on the stock in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $67.28.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $41.04 on Wednesday. Avidity Biosciences has a one year low of $21.51 and a one year high of $56.00. The company has a 50-day simple moving average of $40.58 and a 200-day simple moving average of $33.59. The firm has a market capitalization of $5.28 billion, a P/E ratio of -11.53 and a beta of 0.99.

Insider Activity

In other news, CEO Sarah Boyce sold 50,000 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $49.95, for a total transaction of $2,497,500.00. Following the completion of the sale, the chief executive officer directly owned 305,871 shares of the company’s stock, valued at $15,278,256.45. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Teresa Mccarthy sold 10,000 shares of the business’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $46.56, for a total value of $465,600.00. Following the sale, the insider directly owned 97,130 shares in the company, valued at $4,522,372.80. This trade represents a 9.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 541,410 shares of company stock valued at $24,842,402 in the last ninety days. 3.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Westside Investment Management Inc. acquired a new position in Avidity Biosciences during the second quarter valued at $29,000. PNC Financial Services Group Inc. increased its holdings in shares of Avidity Biosciences by 291.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 1,099 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Avidity Biosciences by 1,659.1% during the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,543 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in shares of Avidity Biosciences during the second quarter worth approximately $49,000. Finally, Parallel Advisors LLC grew its position in Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock valued at $50,000 after purchasing an additional 515 shares in the last quarter.

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.