Avidity Biosciences (NASDAQ:RNA) Stock Price Up 5.7% – Should You Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price traded up 5.7% during mid-day trading on Monday . The stock traded as high as $27.94 and last traded at $28.18. 139,730 shares traded hands during trading, a decline of 90% from the average session volume of 1,400,285 shares. The stock had previously closed at $26.66.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RNA shares. Scotiabank assumed coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 target price for the company. Bank of America reduced their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, April 9th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $66.69.

Avidity Biosciences Stock Up 7.2 %

The company’s 50 day moving average is $29.50 and its 200 day moving average is $35.05. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of -9.92 and a beta of 1.01.

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

Insider Activity

In other news, Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the sale, the director now directly owns 12,958 shares in the company, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their position. The transaction 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 the company’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the transaction, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,406,917.82. This represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,318 shares of company stock worth $2,405,390. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RNA. Price T Rowe Associates Inc. MD lifted its position in shares of Avidity Biosciences by 3.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock valued at $321,127,000 after acquiring an additional 408,861 shares during the period. Vanguard Group Inc. boosted its position in shares of Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after purchasing an additional 205,027 shares in the last quarter. Wellington Management Group LLP increased its position in Avidity Biosciences by 15.3% in the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock valued at $235,725,000 after buying an additional 1,075,148 shares in the last quarter. Avoro Capital Advisors LLC boosted its holdings in Avidity Biosciences by 9.1% in the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock worth $218,100,000 after acquiring an additional 625,000 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in Avidity Biosciences by 44.1% during the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after purchasing an additional 2,156,844 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.