Avidity Biosciences (NASDAQ:RNA) Shares Up 6.2% – What’s Next?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price traded up 6.2% during trading on Wednesday . The stock traded as high as $31.83 and last traded at $31.40. 130,740 shares changed hands during trading, a decline of 90% from the average session volume of 1,299,622 shares. The stock had previously closed at $29.58.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Friday, January 10th. Barclays dropped their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Friday, February 28th. Finally, Scotiabank assumed coverage on Avidity Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 target price on the stock. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $66.42.

Avidity Biosciences Stock Performance

The firm has a market cap of $3.83 billion, a P/E ratio of -11.08 and a beta of 1.02. The company has a 50-day moving average of $30.89 and a 200 day moving average of $38.08.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Arthur A. Levin sold 1,872 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,138 shares of company stock worth $3,370,532 over the last ninety days. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RNA. National Bank of Canada FI bought a new position in shares of Avidity Biosciences during the 3rd quarter worth about $27,000. TD Waterhouse Canada Inc. boosted its position in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 866 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of Avidity Biosciences during the 4th quarter worth about $38,000. Quest Partners LLC boosted its position in shares of Avidity Biosciences by 217.8% during 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. Finally, Headlands Technologies LLC bought a new position in shares of Avidity Biosciences during the 4th quarter worth about $60,000.

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.