Investors Purchase Large Volume of Put Options on Avidity Biosciences (NASDAQ:RNA)

Avidity Biosciences, Inc. (NASDAQ:RNA) saw unusually large options trading activity on Monday. Stock traders purchased 9,017 put options on the stock. This is an increase of 2,083% compared to the typical daily volume of 413 put options.

Avidity Biosciences Price Performance

NASDAQ RNA traded down $0.96 during trading hours on Monday, hitting $29.39. The company had a trading volume of 399,993 shares, compared to its average volume of 1,433,845. Avidity Biosciences has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -10.21 and a beta of 1.00. The firm’s 50 day moving average is $29.22 and its 200 day moving average is $32.80.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $2.63 million. On average, equities analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current year.

Insiders Place Their Bets

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at approximately $1,406,917.82. This represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the sale, the insider now directly owns 72,850 shares in the company, valued at approximately $2,262,721. The trade was a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock valued at $1,877,437 in the last ninety days. Insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of RNA. Amalgamated Bank raised its stake in shares of Avidity Biosciences by 12.0% during the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock valued at $116,000 after purchasing an additional 418 shares during the period. Corebridge Financial Inc. grew its holdings in Avidity Biosciences by 0.8% during the 1st quarter. Corebridge Financial Inc. now owns 55,643 shares of the biotechnology company’s stock valued at $1,643,000 after purchasing an additional 463 shares in the last quarter. Aaron Wealth Advisors LLC increased its stake in Avidity Biosciences by 6.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after buying an additional 504 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Avidity Biosciences by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company’s stock worth $181,000 after buying an additional 514 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after buying an additional 515 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on RNA shares. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, May 7th. Scotiabank assumed 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 on the stock. Citigroup began coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective for the company. Finally, Bank of America cut their target price 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. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $66.38.

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.