Avidity Biosciences (NASDAQ:RNA) Shares Up 6.2% – Here’s What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price rose 6.2% on Wednesday . The stock traded as high as $31.83 and last traded at $31.40. Approximately 130,740 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,299,622 shares. The stock had previously closed at $29.58.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on RNA shares. Citigroup initiated coverage on Avidity Biosciences in a research report on Thursday. They issued a “buy” rating and a $70.00 price objective on the stock. Barclays dropped their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Scotiabank began coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target on the stock. Bank of America cut their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Monday. Finally, Chardan Capital reiterated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Friday, February 28th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has a consensus rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Stock Down 1.5 %

The business has a 50 day moving average price of $30.97 and a 200 day moving average price of $38.00. The stock has a market cap of $3.86 billion, a P/E ratio of -11.16 and a beta of 1.02.

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

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider W. Michael Flanagan sold 12,742 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the transaction, the insider now directly owns 72,647 shares in the company, valued at $2,372,651.02. This trade represents a 14.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction 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 of the company’s stock, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,138 shares of company stock worth $3,370,532 in the last 90 days. 3.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

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

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.