Avidity Biosciences (NASDAQ:RNA) Shares Up 3.2% - Still a Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) shares traded up 3.2% during mid-day trading on Friday . The company traded as high as $32.21 and last traded at $32.05. 182,457 shares were traded during mid-day trading, a decline of 86% from the average session volume of 1,305,531 shares. The stock had previously closed at $31.05.

Wall Street Analyst Weigh In

RNA has been the subject of several research analyst reports. Royal Bank of Canada began coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They set an "outperform" rating and a $67.00 target price for the company. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a "buy" rating and a $59.00 price objective for the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. HC Wainwright initiated coverage on shares of Avidity Biosciences in a report on Friday. They set a "buy" rating and a $72.00 target price for the company. Finally, 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. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $64.36.

Avidity Biosciences Stock Up 2.5 %

The company's fifty day moving average price is $42.67 and its 200 day moving average price is $42.11. The company has a market capitalization of $3.80 billion, a P/E ratio of -11.05 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million during 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%. Research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Avidity Biosciences news, insider W. Michael Flanagan sold 12,742 shares of the business's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the transaction, the insider now owns 72,647 shares of the company's stock, valued at approximately $2,372,651.02. The trade was a 14.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 3,323 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the transaction, the director now directly owns 14,830 shares of the company's stock, valued at $624,639.60. This trade represents a 18.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 250,614 shares of company stock worth $10,006,616 over the last ninety days. Corporate insiders own 3.68% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its position in Avidity Biosciences by 4.3% in the third 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 last quarter. Wellington Management Group LLP increased its stake in shares of Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock valued at $322,931,000 after buying an additional 3,228,923 shares during the period. Avoro Capital Advisors LLC raised its holdings 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 buying an additional 680,000 shares during the last quarter. RA Capital Management L.P. boosted its position 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 worth $289,378,000 after buying an additional 900,000 shares during the period. Finally, Janus Henderson Group PLC grew its holdings 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 last quarter.

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.