Avidity Biosciences (NASDAQ:RNA) Sees Strong Trading Volume - Still a Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) shares saw unusually-strong trading volume on Friday . Approximately 1,650,459 shares traded hands during trading, an increase of 46% from the previous session's volume of 1,128,962 shares.The stock last traded at $30.00 and had previously closed at $29.93.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. TD Cowen increased 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. Chardan Capital reissued a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. HC Wainwright restated a "buy" rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research report on Friday. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a "buy" rating and a $59.00 price objective for the company. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and a consensus price target of $65.80.

Avidity Biosciences Stock Down 1.6 %

The company has a market cap of $3.51 billion, a PE ratio of -10.23 and a beta of 0.99. The stock's 50 day simple moving average is $37.72 and its two-hundred day simple moving average is $41.74.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating 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 forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the business's stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the transaction, the insider now owns 94,018 shares in the company, valued at $4,561,753.36. The trade was a 21.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider W. Michael Flanagan sold 24,000 shares of the company's stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total transaction of $858,480.00. Following the completion of the transaction, the insider now directly owns 85,389 shares of the company's stock, valued at approximately $3,054,364.53. The trade was a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 163,071 shares of company stock worth $6,125,324. 3.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently bought and sold shares of RNA. FMR LLC boosted its stake in Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock valued at $773,864,000 after purchasing an additional 689,729 shares during the period. Wellington Management Group LLP grew its holdings in Avidity Biosciences by 84.9% in the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock worth $322,931,000 after buying an additional 3,228,923 shares in the last quarter. Avoro Capital Advisors LLC increased its position in Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company's stock valued at $265,729,000 after acquiring an additional 680,000 shares during the period. RA Capital Management L.P. raised its stake in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock valued at $289,378,000 after acquiring an additional 900,000 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company's stock worth $224,774,000 after acquiring an additional 1,239,323 shares during the period.

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.