Avidity Biosciences (NASDAQ:RNA) Trading Up 6.5% - What's Next?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s stock price traded up 6.5% during trading on Monday . The stock traded as high as $45.58 and last traded at $44.59. 718,639 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 1,311,682 shares. The stock had previously closed at $41.87.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Chardan Capital increased their price target on Avidity Biosciences from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Barclays started coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Thursday. Evercore ISI decreased their price target on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a report on Monday, August 26th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $63.22.

Avidity Biosciences Stock Performance

The company has a 50-day moving average of $44.40 and a 200-day moving average of $38.97. The stock has a market cap of $4.92 billion, a price-to-earnings ratio of -15.24 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The company had revenue of $2.05 million for the quarter, compared to analysts' expectations of $7.09 million. As a group, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.99 EPS for the current year.

Insiders Place Their Bets

In other news, insider Teresa Mccarthy sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the sale, the insider now owns 94,018 shares of the company's stock, valued at $4,561,753.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Sarah Boyce sold 28,000 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the sale, the chief executive officer now owns 205,043 shares of the company's stock, valued at $8,888,614.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at $4,561,753.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 155,543 shares of company stock worth $6,995,842. Company insiders own 3.68% of the company's stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of RNA. Allspring Global Investments Holdings LLC purchased a new position in shares of Avidity Biosciences during the 3rd quarter worth $30,000. Values First Advisors Inc. bought a new position in shares of Avidity Biosciences during the third quarter worth about $32,000. Quarry LP lifted its holdings in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock worth $82,000 after acquiring an additional 1,700 shares during the last quarter. nVerses Capital LLC lifted its holdings in Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company's stock worth $139,000 after acquiring an additional 700 shares during the last quarter. Finally, Amalgamated Bank lifted its holdings in Avidity Biosciences by 39.0% in the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company's stock worth $143,000 after acquiring an additional 982 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.