Avidity Biosciences (NASDAQ:RNA) Trading Up 4.1% – Here’s Why

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) were up 4.1% during trading on Wednesday . The company traded as high as $27.29 and last traded at $27.83. Approximately 91,923 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 1,348,513 shares. The stock had previously closed at $26.74.

Wall Street Analyst Weigh In

RNA has been the subject of several recent research reports. Bank of America lowered their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. HC Wainwright restated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Barclays cut their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Scotiabank assumed coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target for the company. Finally, Chardan Capital reiterated a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Price Performance

The firm’s fifty day moving average price is $31.46 and its 200-day moving average price is $36.96. The firm has a market capitalization of $3.49 billion, a P/E ratio of -10.12 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate 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 business had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. Analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares in the company, valued at $370,598.80. This trade represents a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Michael F. Maclean sold 7,935 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the completion of the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at approximately $3,004,123.20. This trade represents a 7.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 73,443 shares of company stock worth $2,241,889. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RNA. Y Intercept Hong Kong Ltd purchased a new position in Avidity Biosciences during the 4th quarter valued at about $386,000. Lord Abbett & CO. LLC boosted 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 valued at $24,766,000 after buying an additional 124,867 shares during the period. RA Capital Management L.P. grew its holdings in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after acquiring an additional 900,000 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of Avidity Biosciences in the third quarter worth $762,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Avidity Biosciences by 19.5% during the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company’s stock worth $10,557,000 after purchasing an additional 59,295 shares in the last quarter.

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.