Avidity Biosciences (NASDAQ:RNA) Stock Price Up 3.2% – Time to Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA) shares rose 3.2% during mid-day trading on Friday . The company traded as high as $32.21 and last traded at $32.05. Approximately 182,457 shares were traded during trading, a decline of 86% from the average daily volume of 1,305,531 shares. The stock had previously closed at $31.05.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on RNA shares. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Barclays began coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Royal Bank of Canada assumed coverage on Avidity Biosciences in a report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 target price for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $64.36.

Avidity Biosciences Price Performance

The firm has a market capitalization of $3.80 billion, a P/E ratio of -11.05 and a beta of 0.89. The stock’s fifty day simple moving average is $42.38 and its 200 day simple moving average is $42.15.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Activity

In other news, Director Arthur A. Levin sold 3,323 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total transaction of $139,964.76. Following the transaction, the director now owns 14,830 shares in the company, valued at $624,639.60. This represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now owns 69,018 shares of the company’s stock, valued at $3,036,792. This trade represents a 16.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 250,614 shares of company stock worth $10,006,616. Insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds have recently made changes to their positions in RNA. National Bank of Canada FI purchased a new stake in Avidity Biosciences during the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Avidity Biosciences during the third quarter worth about $30,000. Values First Advisors Inc. purchased a new stake in Avidity Biosciences in the third quarter valued at approximately $32,000. Quarry LP increased its holdings in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after buying an additional 1,700 shares during the period. Finally, Quest Partners LLC raised its position in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after buying an additional 1,392 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.