Avidity Biosciences (NASDAQ:RNA) Trading 8.5% Higher – What’s Next?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price shot up 8.5% during trading on Monday . The company traded as high as $33.37 and last traded at $33.46. 454,690 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 1,314,351 shares. The stock had previously closed at $30.84.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Citigroup assumed coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective on the stock. Bank of America dropped 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. BMO Capital Markets began coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 target price on the stock. Finally, Scotiabank began coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target for the company. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Stock Performance

The firm has a 50 day simple moving average of $31.11 and a two-hundred day simple moving average of $37.44. The stock has a market cap of $4.00 billion, a P/E ratio of -11.56 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share 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 analyst estimates of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the sale, the director now directly owns 12,958 shares in the company, valued at $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the transaction, the chief executive officer now directly owns 305,871 shares of the company’s stock, valued at approximately $9,500,353.26. The trade was a 9.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 73,443 shares of company stock valued at $2,241,889. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in Avidity Biosciences by 52.1% in the 3rd quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock worth $1,524,000 after purchasing an additional 11,367 shares in the last quarter. Quest Partners LLC increased its position in shares of Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Avidity Biosciences in the 3rd quarter valued at approximately $1,701,000. Landscape Capital Management L.L.C. acquired a new position in Avidity Biosciences in the 3rd quarter worth approximately $265,000. Finally, Charles Schwab Investment Management Inc. grew its position in Avidity Biosciences by 24.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after purchasing an additional 197,065 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.