Avidity Biosciences (NASDAQ:RNA) Shares Up 8.5% - Here's Why

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on RNA shares. Bank of America lowered their price target on 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 assumed coverage on 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. HC Wainwright restated a "buy" rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $66.69.

Avidity Biosciences Stock Performance

The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of -11.13 and a beta of 1.02. The firm's 50-day moving average price is $31.39 and its two-hundred day moving average price is $37.29.

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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) 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 during the quarter, compared to analyst estimates of $1.74 million. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Sarah Boyce sold 10,397 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $297,250.23. Following the completion of the transaction, the chief executive officer now owns 337,411 shares in the company, valued at $9,646,580.49. The trade was a 2.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Arthur A. Levin sold 1,872 shares of the company's stock in a transaction 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 directly owns 12,958 shares in the company, valued at approximately $370,598.80. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 73,443 shares of company stock valued at $2,241,889. 3.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System increased its position in Avidity Biosciences by 9.2% in the fourth quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company's stock worth $2,459,000 after purchasing an additional 7,148 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $4,722,000. GF Fund Management CO. LTD. bought a new stake in shares of Avidity Biosciences during the fourth quarter worth approximately $73,000. Neo Ivy Capital Management lifted its holdings in Avidity Biosciences by 479.2% in the fourth quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company's stock valued at $2,795,000 after buying an additional 79,524 shares during the period. Finally, Castleark Management LLC boosted its stake in Avidity Biosciences by 23.7% in the fourth quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company's stock valued at $2,054,000 after acquiring an additional 13,510 shares during 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.