Royal Bank of Canada Begins Coverage on Avidity Biosciences (NASDAQ:RNA)

Royal Bank of Canada initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note issued to investors on Tuesday,Briefing.com Automated Import 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 would indicate a potential upside of 48.46% from the company’s previous close.

A number of other analysts have also recently commented on the company. Evercore ISI cut their price objective 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Barclays initiated coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and a consensus price target of $63.60.

Avidity Biosciences Stock Up 4.3 %

Shares of RNA 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 stock has a market cap of $5.38 billion, a PE ratio of -15.67 and a beta of 0.91. The business has a 50-day simple moving average of $45.51 and a 200-day simple moving average of $41.14.

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

Insiders Place Their Bets

In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 14,830 shares in the company, valued at approximately $678,175.90. This represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00. Following the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $4,561,753.36. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 150,866 shares of company stock valued at $6,724,557 in the last ninety days. 3.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently modified their holdings of RNA. D. E. Shaw & Co. Inc. raised its position in Avidity Biosciences by 2,263.7% in 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 purchasing an additional 707,773 shares during the period. Sofinnova Investments Inc. acquired a new position in Avidity Biosciences in the 2nd quarter valued at about $875,000. Darwin Global Management Ltd. purchased a new stake in Avidity Biosciences during the second quarter worth about $8,108,000. American Century Companies Inc. boosted its stake in shares of Avidity Biosciences by 18.5% in the second quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock valued at $6,725,000 after purchasing an additional 25,663 shares during the period. Finally, Assetmark Inc. acquired a new position in shares of Avidity Biosciences in the third quarter valued at approximately $566,000.

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.