Avidity Biosciences (NASDAQ:RNA) Hits New 12-Month High – Here’s Why

Avidity Biosciences, Inc. (NASDAQ:RNA) reached a new 52-week high on Thursday . The company traded as high as $72.70 and last traded at $72.5850, with a volume of 181864 shares trading hands. The stock had previously closed at $72.65.

More Avidity Biosciences News

Here are the key news stories impacting Avidity Biosciences this week:

• Negative Sentiment: CEO Sarah Boyce sold 14,387 shares for ~$1.04M (a 5.08% reduction in her holding). CEO Form 4
• Negative Sentiment: CFO Michael F. Maclean sold 4,542 shares for ~$329k (a 7.12% reduction). CFO Form 4
• Negative Sentiment: Insider W. Michael Flanagan sold 6,534 shares for ~$473k (a 7.13% reduction). Insider Form 4
• Negative Sentiment: Insider Steven George Hughes sold 4,895 shares for ~$355k (a 13.41% reduction). Insider Form 4
• Negative Sentiment: Insider Teresa McCarthy sold 2,929 shares for ~$212k (a 2.51% reduction). Insider Form 4
• Negative Sentiment: Director Arthur A. Levin sold 1,758 shares for ~$127k (a 9.60% reduction). Director Form 4

Analysts Set New Price Targets

Several equities analysts have recently commented on RNA shares. HC Wainwright lowered Avidity Biosciences from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $87.00 to $72.00 in a research report on Monday, October 27th. Chardan Capital reaffirmed a “neutral” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research note on Tuesday, November 11th. Needham & Company LLC cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price target on the stock. in a research report on Monday, October 27th. Leerink Partners lowered shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Finally, Wolfe Research cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $69.57.

Avidity Biosciences Price Performance

The firm’s 50 day moving average is $71.88 and its 200 day moving average is $55.74. The company has a market capitalization of $10.94 billion, a PE ratio of -17.37 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The business had revenue of $12.48 million during the quarter, compared to the consensus estimate of $1.80 million. Avidity Biosciences’s revenue was up 420.8% compared to the same quarter last year. As a group, analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Charles Calderaro III sold 3,727 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $72.23, for a total value of $269,201.21. Following the sale, the insider owned 49,797 shares in the company, valued at $3,596,837.31. This represents a 6.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider W. Michael Flanagan sold 6,534 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $473,388.30. Following the sale, the insider directly owned 85,093 shares in the company, valued at $6,164,987.85. This trade represents a 7.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,407 shares of company stock worth $4,226,448 over the last quarter. Company insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently bought and sold shares of the business. Farther Finance Advisors LLC boosted its holdings in shares of Avidity Biosciences by 507.8% during the 4th quarter. Farther Finance Advisors LLC now owns 1,398 shares of the biotechnology company’s stock valued at $101,000 after acquiring an additional 1,168 shares during the last quarter. High Net Worth Advisory Group LLC purchased a new stake in Avidity Biosciences in the fourth quarter worth approximately $252,000. Ritholtz Wealth Management bought a new stake in Avidity Biosciences in the 4th quarter worth approximately $252,000. Capricorn Fund Managers Ltd raised its stake in Avidity Biosciences by 533.9% during the 4th quarter. Capricorn Fund Managers Ltd now owns 68,463 shares of the biotechnology company’s stock valued at $4,938,000 after buying an additional 57,663 shares during the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new stake in Avidity Biosciences during the 4th quarter valued at $615,000.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.