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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) shot up 4.1% on Tuesday . The stock traded as high as $31.26 and last traded at $31.01. 248,620 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 1,407,692 shares. The stock had previously closed at $29.80.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wolfe Research started coverage on Avidity Biosciences in a report on Tuesday. They set an “outperform” rating and a $55.00 price objective for the company. Raymond James began coverage on shares of Avidity Biosciences in a research note on Wednesday, June 11th. They set a “strong-buy” rating and a $65.00 price objective on the stock. Chardan Capital lifted their target price on shares of Avidity Biosciences from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Citigroup increased their price target on Avidity Biosciences from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Finally, JPMorgan Chase & Co. lifted their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $66.56.

Avidity Biosciences Price Performance

The stock’s 50-day simple moving average is $30.10 and its 200 day simple moving average is $30.91. The stock has a market capitalization of $3.59 billion, a P/E ratio of -10.31 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.63 million. As a group, analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, insider Steven George Hughes sold 9,578 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the transaction, the insider now owns 72,850 shares of the company’s stock, valued at $2,262,721. This represents a 11.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider W. Michael Flanagan sold 20,000 shares of the business’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total transaction of $657,600.00. Following the sale, the insider now directly owns 80,195 shares in the company, valued at approximately $2,636,811.60. The trade was a 19.96% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,678 shares of company stock worth $2,725,857. Corporate insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently modified their holdings of the company. Rhumbline Advisers raised its position in Avidity Biosciences by 7.1% in the first quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company’s stock valued at $4,864,000 after purchasing an additional 10,973 shares during the last quarter. Strs Ohio bought a new position in Avidity Biosciences in the 1st quarter valued at approximately $180,000. Intech Investment Management LLC boosted its position in Avidity Biosciences by 1.4% during the 1st quarter. Intech Investment Management LLC now owns 61,675 shares of the biotechnology company’s stock worth $1,821,000 after buying an additional 874 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Avidity Biosciences by 7.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock worth $10,560,000 after acquiring an additional 25,329 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Avidity Biosciences by 2.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock valued at $23,164,000 after acquiring an additional 21,649 shares during the period.

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.