Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) hit a new 52-week low during trading on Thursday . The company traded as low as $21.51 and last traded at $24.80, with a volume of 3598453 shares trading hands. The stock had previously closed at $24.08.
Wall Street Analysts Forecast Growth
RNA has been the subject of several research reports. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Bank of America decreased their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price on the stock. Citigroup started coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target for the company. Finally, HC Wainwright reiterated a "buy" rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $66.69.
Read Our Latest Research Report on RNA
Avidity Biosciences Price Performance
The stock has a 50 day moving average price of $30.15 and a two-hundred day moving average price of $35.63. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of -9.17 and a beta of 1.01.
Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). 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 $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.
Insider Activity at Avidity Biosciences
In other Avidity Biosciences news, CEO Sarah Boyce sold 31,540 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the transaction, the chief executive officer now directly owns 305,871 shares in the company, valued at approximately $9,500,353.26. This represents a 9.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares in the company, valued at $370,598.80. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 79,318 shares of company stock valued at $2,405,390 over the last quarter. Corporate insiders own 3.68% of the company's stock.
Hedge Funds Weigh In On Avidity Biosciences
Large investors have recently bought and sold shares of the business. National Bank of Canada FI acquired a new stake in Avidity Biosciences during the 3rd quarter worth $27,000. TD Waterhouse Canada Inc. grew its stake in shares of Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 866 shares during the period. Van ECK Associates Corp bought a new stake in Avidity Biosciences in the fourth quarter valued at about $38,000. Parallel Advisors LLC lifted its stake in Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after buying an additional 515 shares during the period. Finally, Headlands Technologies LLC bought a new position in Avidity Biosciences during the fourth quarter worth about $60,000.
About Avidity Biosciences
(
Get Free Report)
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.
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