Avidity Biosciences (NASDAQ:RNA) Trading 8.5% Higher - What's Next?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s stock price traded up 8.5% on Monday . The company traded as high as $33.37 and last traded at $33.46. Approximately 454,690 shares changed hands during trading, a decline of 65% from the average session volume of 1,314,351 shares. The stock had previously closed at $30.84.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Scotiabank assumed coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target on the stock. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price on the stock. Chardan Capital reiterated a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, HC Wainwright restated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and an average price target of $66.69.

Avidity Biosciences Stock Down 3.0 %

The stock has a market cap of $3.80 billion, a price-to-earnings ratio of -10.97 and a beta of 1.02. The stock has a 50 day simple moving average of $31.48 and a 200 day simple moving average of $37.26.

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Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted 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 business had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Equities analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In other news, Director Arthur A. Levin sold 1,872 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the transaction, the director now owns 12,958 shares in the company, valued at $370,598.80. This trade represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael F. Maclean sold 7,935 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $246,461.10. Following the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at approximately $3,004,123.20. The trade was a 7.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 73,443 shares of company stock valued at $2,241,889 over the last three months. 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 stock. National Bank of Canada FI bought a new position in shares of Avidity Biosciences in the third quarter valued at approximately $27,000. TD Waterhouse Canada Inc. grew its position in shares of Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 866 shares in the last quarter. Van ECK Associates Corp bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $38,000. Quest Partners LLC boosted its stake in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock valued at $93,000 after buying an additional 1,392 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of Avidity Biosciences during the fourth quarter worth about $60,000.

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.