Avidity Biosciences (NASDAQ:RNA) Earns Outperform Rating from Analysts at 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 objective on the biotechnology company’s stock.

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

Avidity Biosciences Trading Down 1.1 %

Shares of NASDAQ RNA opened at $43.33 on Tuesday. Avidity Biosciences has a one year low of $6.60 and a one year high of $56.00. The business has a 50-day moving average price of $45.52 and a two-hundred day moving average price of $41.28. The firm has a market capitalization of $5.17 billion, a PE ratio of -15.05 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last announced 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. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Research analysts anticipate that Avidity Biosciences will post -2.84 EPS for the current year.

Insider Buying and Selling

In other news, Director Arthur A. Levin sold 3,323 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the sale, the director now owns 14,830 shares in the company, valued at approximately $624,639.60. This trade represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the transaction, the insider now owns 94,018 shares of the company’s stock, valued at approximately $3,867,900.52. The trade was a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 150,866 shares of company stock worth $6,724,557 in the last quarter. 3.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. D. E. Shaw & Co. Inc. increased its stake in Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after acquiring an additional 707,773 shares during the period. Sofinnova Investments Inc. bought a new stake in shares of Avidity Biosciences during the second quarter valued at approximately $875,000. Darwin Global Management Ltd. acquired a new position in shares of Avidity Biosciences in the second quarter valued at $8,108,000. American Century Companies Inc. lifted its position in Avidity Biosciences by 18.5% in the second quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock worth $6,725,000 after purchasing an additional 25,663 shares during the period. Finally, Assetmark Inc. acquired a new stake in Avidity Biosciences during the third quarter worth $566,000.

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.