Avidity Biosciences (NASDAQ:RNA) Reaches New 1-Year High - Should You Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $52.96 and last traded at $52.60, with a volume of 515375 shares trading hands. The stock had previously closed at $46.73.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on RNA shares. Cantor Fitzgerald restated an "overweight" rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a "buy" rating and a $59.00 price objective on the stock. TD Cowen lifted their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Needham & Company LLC restated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday. Finally, Chardan Capital restated a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $63.22.

Avidity Biosciences Stock Performance

The stock has a 50 day moving average of $44.83 and a two-hundred day moving average of $39.92. The stock has a market cap of $6.26 billion, a PE ratio of -18.23 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts' consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to analysts' expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Analysts expect that Avidity Biosciences, Inc. will post -2.91 EPS for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $45.19, for a total transaction of $225,950.00. Following the transaction, the director now owns 14,830 shares of the company's stock, valued at $670,167.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $45.19, for a total transaction of $225,950.00. Following the transaction, the director now owns 14,830 shares of the company's stock, valued at $670,167.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company's stock, valued at approximately $3,036,792. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 127,543 shares of company stock valued at $5,782,042. 3.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in Avidity Biosciences in the 3rd quarter worth approximately $30,000. Values First Advisors Inc. acquired a new position in shares of Avidity Biosciences during the third quarter worth approximately $32,000. Quarry LP lifted its holdings in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock worth $82,000 after buying an additional 1,700 shares during the last quarter. Quest Partners LLC lifted its holdings in shares of Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock worth $93,000 after buying an additional 1,392 shares during the last quarter. Finally, nVerses Capital LLC lifted 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 worth $139,000 after buying an additional 700 shares during the last quarter.

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.