Avidity Biosciences (NASDAQ:RNA) Trading Up 6.2% - Here's What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) traded up 6.2% during mid-day trading on Wednesday . The company traded as high as $31.83 and last traded at $31.40. 130,740 shares traded hands during trading, a decline of 90% from the average session volume of 1,299,622 shares. The stock had previously closed at $29.58.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research report on Wednesday. They issued an "outperform" rating and a $72.00 target price on the stock. HC Wainwright reiterated a "buy" rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Friday, January 10th. Scotiabank started coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price on the stock. Finally, 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. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $66.69.

Avidity Biosciences Stock Down 3.2 %

The business's 50-day simple moving average is $30.99 and its 200-day simple moving average is $37.87. The stock has a market cap of $3.74 billion, a PE ratio of -10.80 and a beta of 1.02.

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Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.97 million for the quarter, compared to analysts' expectations of $1.74 million. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 1,872 shares of the business'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 sale, the director now owns 12,958 shares of the company's stock, valued at $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Teresa Mccarthy sold 25,000 shares of the business's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $33.26, for a total transaction of $831,500.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at $3,127,038.68. The trade was a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,138 shares of company stock worth $3,370,532 over the last 90 days. 3.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd bought a new position in shares of Avidity Biosciences in the fourth quarter worth approximately $386,000. Lord Abbett & CO. LLC lifted its stake in shares of Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock worth $24,766,000 after buying an additional 124,867 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Avidity Biosciences by 24.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company's stock worth $45,479,000 after buying an additional 197,065 shares in the last quarter. RA Capital Management L.P. lifted its stake in shares of Avidity Biosciences by 16.7% in the third 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 in the last quarter. Finally, FMR LLC lifted its stake in shares of Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock worth $773,864,000 after buying an additional 689,729 shares in 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.