Avidity Biosciences (NASDAQ:RNA) Trading 4.1% Higher

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price was up 4.1% during mid-day trading on Wednesday . The stock traded as high as $44.00 and last traded at $43.94. Approximately 602,640 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 1,307,217 shares. The stock had previously closed at $42.19.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on RNA shares. Evercore ISI lowered 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. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Tuesday, August 13th. Bank of America increased their price target on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Chardan Capital increased their price target on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $61.00.

Avidity Biosciences Price Performance

The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of -15.08 and a beta of 0.89. The firm has a 50-day moving average price of $43.75 and a two-hundred day moving average price of $33.75.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.11. The company had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. On average, equities analysts predict that Avidity Biosciences, Inc. will post -3.01 EPS for the current year.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $37.59, for a total transaction of $187,950.00. Following the completion of the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $557,459.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the completion of the transaction, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at $8,187,366.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $37.59, for a total value of $187,950.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $557,459.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,000 shares of company stock valued at $2,970,790. Insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of RNA. Charles Schwab Investment Management Inc. raised its stake in Avidity Biosciences by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 545,771 shares of the biotechnology company’s stock valued at $4,939,000 after buying an additional 30,674 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Avidity Biosciences by 61.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 41,166 shares of the biotechnology company’s stock valued at $394,000 after buying an additional 15,654 shares during the period. Quadrant Capital Group LLC raised its stake in Avidity Biosciences by 456.9% in the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after buying an additional 2,714 shares during the period. Dynamic Technology Lab Private Ltd increased its stake in shares of Avidity Biosciences by 114.3% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 52,788 shares of the biotechnology company’s stock worth $478,000 after purchasing an additional 28,160 shares during the period. Finally, Quest Partners LLC bought a new position in shares of Avidity Biosciences during the fourth quarter worth approximately $211,000.

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.