Avidity Biosciences (NASDAQ:RNA) Stock Price Up 5.7% - Here's What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price rose 5.7% on Monday . The company traded as high as $27.94 and last traded at $28.18. Approximately 139,730 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,400,285 shares. The stock had previously closed at $26.66.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. BMO Capital Markets began coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target for the company. Bank of America cut their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Barclays dropped their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. HC Wainwright restated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $66.69.

Avidity Biosciences Stock Down 0.2 %

The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of -10.73 and a beta of 1.01. The firm has a 50 day moving average price of $29.30 and a two-hundred day moving average price of $34.76.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the sale, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the transaction, the insider now directly owns 72,850 shares of the company's stock, valued at approximately $2,262,721. This represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock valued at $1,876,027 over the last ninety days. Corporate insiders own 3.68% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. TD Waterhouse Canada Inc. raised its stake in 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 acquiring an additional 866 shares during the period. Van ECK Associates Corp bought a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $38,000. Parallel Advisors LLC raised its position in shares of Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 515 shares during the period. Headlands Technologies LLC bought a new stake in shares of Avidity Biosciences in the 4th quarter worth approximately $60,000. Finally, GF Fund Management CO. LTD. acquired a new position in Avidity Biosciences during the 4th quarter valued at approximately $73,000.

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.