Avidity Biosciences (NASDAQ:RNA – Get Free Report)‘s stock had its “buy” rating reaffirmed by analysts at Chardan Capital in a report released on Wednesday,Benzinga reports. They presently have a $65.00 price objective on the biotechnology company’s stock. Chardan Capital’s price objective points to a potential upside of 23.81% from the company’s current price.
Several other analysts have also weighed in on RNA. Barclays initiated coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, TD Cowen lifted their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus price target of $63.22.
Check Out Our Latest Report on Avidity Biosciences
Avidity Biosciences Trading Up 12.3 %
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Research analysts predict that Avidity Biosciences will post -2.91 EPS for the current year.
Insider Activity
In related news, insider Teresa Mccarthy sold 13,153 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares in the company, valued at approximately $3,036,792. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now owns 69,018 shares of the company’s stock, valued at $3,036,792. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction 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 $10,325,172. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,543 shares of company stock worth $5,782,042 in the last 90 days. Company insiders own 3.68% of the company’s stock.
Institutional Investors Weigh In On Avidity Biosciences
Several institutional investors have recently made changes to their positions in the company. Advantage Alpha Capital Partners LP acquired a new stake in shares of Avidity Biosciences in the 3rd quarter valued at $471,000. FMR LLC lifted its position in shares of Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after buying an additional 689,729 shares during the last quarter. Nwam LLC boosted its stake in shares of Avidity Biosciences by 24.0% during the 3rd quarter. Nwam LLC now owns 29,662 shares of the biotechnology company’s stock worth $1,362,000 after acquiring an additional 5,746 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Avidity Biosciences by 24.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock valued at $45,479,000 after acquiring an additional 197,065 shares during the last quarter. Finally, Landscape Capital Management L.L.C. bought a new position in shares of Avidity Biosciences in the 3rd quarter valued at approximately $265,000.
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.
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