Avidity Biosciences (NASDAQ:RNA) Coverage Initiated at Royal Bank of Canada

Equities researchers at Royal Bank of Canada began coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm set an “outperform” rating and a $67.00 price target on the biotechnology company’s stock. Royal Bank of Canada’s price target points to a potential upside of 54.63% from the company’s current price.

A number of other brokerages have also recently issued reports on RNA. TD Cowen upped 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Chardan Capital reiterated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Barclays began coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Finally, Evercore ISI cut their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $63.60.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $43.33 on Tuesday. The stock has a 50-day simple moving average of $45.54 and a 200 day simple moving average of $41.26. The stock has a market capitalization of $5.17 billion, a P/E ratio of -15.05 and a beta of 0.91. Avidity Biosciences has a 52 week low of $6.60 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The company had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Research analysts forecast that Avidity Biosciences will post -2.84 earnings per share for the current year.

Insider Activity

In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Thursday, September 19th. The stock was 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 directly owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. This represents a 25.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 234,663 shares in the company, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock worth $6,724,557 over the last quarter. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences during the third quarter valued at about $27,000. Allspring Global Investments Holdings LLC purchased a new position in Avidity Biosciences during the third quarter valued at approximately $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences during the 3rd quarter worth approximately $32,000. Quarry LP lifted its stake in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC lifted 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 purchasing an additional 1,392 shares in the last quarter.

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.