Avidity Biosciences (NASDAQ:RNA) Sees Large Volume Increase – Time to Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA) shares saw an uptick in trading volume on Friday . 1,650,459 shares traded hands during trading, an increase of 46% from the previous session’s volume of 1,128,962 shares.The stock last traded at $30.00 and had previously closed at $29.93.

Analyst Ratings Changes

A number of research firms recently weighed in on RNA. HC Wainwright restated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Friday. TD Cowen increased their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, Royal Bank of Canada assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price objective for the company. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $65.80.

Avidity Biosciences Stock Down 1.6 %

The firm has a market cap of $3.51 billion, a PE ratio of -10.23 and a beta of 0.99. The stock’s fifty day simple moving average is $37.97 and its two-hundred day simple moving average is $41.81.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. On average, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,855 shares of Avidity Biosciences stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the transaction, the chief executive officer now directly owns 265,308 shares of the company’s stock, valued at $8,664,959.28. This trade represents a 10.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider W. Michael Flanagan sold 12,742 shares of Avidity Biosciences stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the transaction, the insider now directly owns 72,647 shares of the company’s stock, valued at approximately $2,372,651.02. This represents a 14.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 163,071 shares of company stock worth $6,125,324. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC raised its stake in shares of Avidity Biosciences by 30.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after acquiring an additional 124,867 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Avidity Biosciences by 229.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock valued at $3,412,000 after acquiring an additional 50,908 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of Avidity Biosciences in the 3rd quarter valued at $407,000. Teachers Retirement System of The State of Kentucky raised its position in Avidity Biosciences by 43.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 29,965 shares of the biotechnology company’s stock worth $1,376,000 after acquiring an additional 9,098 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of Avidity Biosciences in the third quarter valued at about $762,000.

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.