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

Equities research analysts at Royal Bank of Canada began coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $67.00 price target on the biotechnology company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 48.46% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Chardan Capital restated a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. The Goldman Sachs Group began coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Finally, Evercore ISI decreased their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and an average target price of $63.60.

Avidity Biosciences Stock Up 4.3 %

Shares of Avidity Biosciences stock opened at $45.13 on Tuesday. Avidity Biosciences has a 52-week low of $5.97 and a 52-week high of $56.00. The company has a market capitalization of $5.38 billion, a P/E ratio of -15.67 and a beta of 0.91. The company has a 50 day moving average of $45.51 and a 200 day moving average of $41.14.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping 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 firm had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, research analysts anticipate that Avidity Biosciences will post -2.84 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the business’s 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 $578,732.00. Following the transaction, the insider now owns 69,018 shares in the company, valued at approximately $3,036,792. The trade was a 16.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at approximately $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 150,866 shares of company stock worth $6,724,557 in the last three months. Insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. National Bank of Canada FI acquired a new position in Avidity Biosciences during the third quarter worth about $27,000. Allspring Global Investments Holdings LLC acquired a new stake in Avidity Biosciences during the 3rd quarter valued at $30,000. Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences in the third quarter valued at $32,000. Quarry LP raised its position in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC grew its stake in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares during the period.

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.