Avidity Biosciences (NASDAQ:RNA) Reaches New 1-Year High – Here’s What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $49.60 and last traded at $49.56, with a volume of 391587 shares traded. The stock had previously closed at $46.70.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Evercore ISI reduced their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Barclays began coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Chardan Capital increased their price target on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus price target of $60.75.

Avidity Biosciences Price Performance

The firm’s fifty day moving average is $44.26 and its two-hundred day moving average is $37.08. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of -16.50 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.11. The business had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. On average, equities analysts forecast that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the sale, the chief executive officer now directly owns 234,663 shares in the company, valued at approximately $10,325,172. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00. Following the transaction, the insider now directly owns 94,018 shares in the company, valued at $4,561,753.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the sale, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,543 shares of company stock valued at $6,762,692. Corporate insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of RNA. Quarry LP raised its stake in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares during the period. nVerses Capital LLC grew its holdings in shares of Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after buying an additional 700 shares in the last quarter. Amalgamated Bank raised its position in Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after buying an additional 982 shares during the period. Nisa Investment Advisors LLC raised its position in Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after buying an additional 1,076 shares during the period. Finally, Privium Fund Management B.V. purchased a new stake in Avidity Biosciences in the 1st quarter worth about $205,000.

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.