Avidity Biosciences (NASDAQ:RNA) Shares Gap Up – Still a Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA) gapped up before the market opened on Thursday . The stock had previously closed at $32.61, but opened at $34.40. Avidity Biosciences shares last traded at $34.14, with a volume of 266,100 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Chardan Capital restated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Friday, February 28th. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Scotiabank assumed coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Friday, January 10th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and a consensus target price of $66.69.

Avidity Biosciences Price Performance

The firm has a fifty day moving average price of $30.96 and a two-hundred day moving average price of $38.04. The stock has a market capitalization of $3.98 billion, a PE ratio of -11.56 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data 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). 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 during the quarter, compared to the consensus estimate of $1.74 million. On average, research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $33.26, for a total transaction of $831,500.00. Following the sale, the insider now owns 94,018 shares of the company’s stock, valued at approximately $3,127,038.68. This trade represents a 21.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 31,855 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the sale, the chief executive officer now owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,138 shares of company stock valued at $3,370,532 over the last quarter. 3.68% of the stock is owned by corporate insiders.

Institutional Trading of Avidity Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. National Bank of Canada FI purchased a new position in Avidity Biosciences in the 3rd quarter worth $27,000. TD Waterhouse Canada Inc. raised its stake in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 866 shares during the last quarter. Van ECK Associates Corp purchased a new position in Avidity Biosciences in the 4th quarter worth $38,000. Headlands Technologies LLC purchased a new position in Avidity Biosciences in the 4th quarter worth $60,000. Finally, GF Fund Management CO. LTD. purchased a new position in Avidity Biosciences in the 4th quarter worth $73,000.

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.