Avidity Biosciences (NASDAQ:RNA) Sets New 12-Month High at $49.41

Avidity Biosciences, Inc. (NASDAQ:RNA) hit a new 52-week high on Wednesday . The stock traded as high as $49.41 and last traded at $47.77, with a volume of 111853 shares traded. The stock had previously closed at $48.51.

Analyst Ratings Changes

Several brokerages recently commented on RNA. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Barclays assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Chardan Capital upped their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Evercore ISI cut their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $60.75.

Avidity Biosciences Price Performance

The firm has a market cap of $5.27 billion, a P/E ratio of -16.44 and a beta of 0.89. The firm’s 50-day moving average price is $43.67 and its 200 day moving average price is $35.37.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS 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 analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. Analysts forecast that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Insiders Place Their Bets

In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total value of $1,118,040.00. Following the sale, the chief executive officer now directly owns 205,043 shares in the company, valued at $8,187,366.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the transaction, the chief executive officer now owns 205,043 shares of the company’s stock, valued at approximately $8,187,366.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,543 shares of company stock valued at $5,543,382. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently modified their holdings of the stock. Quarry LP grew its holdings in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares in the last quarter. nVerses Capital LLC boosted its position in Avidity Biosciences by 25.9% during the 2nd 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 period. Amalgamated Bank grew its stake in Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after acquiring an additional 982 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Avidity Biosciences by 32.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after purchasing an additional 1,076 shares during the period. Finally, Privium Fund Management B.V. purchased a new stake in shares of Avidity Biosciences in the first quarter worth approximately $205,000.

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.