Avidity Biosciences (NASDAQ:RNA) Shares Gap Up to $37.61

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) gapped up prior to trading on Friday . The stock had previously closed at $37.61, but opened at $38.50. Avidity Biosciences shares last traded at $39.76, with a volume of 98,141 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald assumed coverage on Avidity Biosciences in a report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price objective for the company. Evercore ISI increased their price target on Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, June 12th. Chardan Capital increased their price target on Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price target on shares of Avidity Biosciences in a report on Monday, June 10th. Finally, 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. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $44.29.

Avidity Biosciences Stock Performance

The stock has a market cap of $3.73 billion, a PE ratio of -13.22 and a beta of 0.81. The business has a 50-day moving average of $28.39 and a 200 day moving average of $19.79.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.02. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. The firm had revenue of $3.54 million for the quarter, compared to analyst estimates of $7.09 million. Equities analysts expect that Avidity Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $27.11, for a total transaction of $542,200.00. Following the sale, the director now directly owns 253,872 shares in the company, valued at approximately $6,882,469.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $22.82, for a total transaction of $114,100.00. Following the sale, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arthur A. Levin sold 20,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $27.11, for a total value of $542,200.00. Following the sale, the director now owns 253,872 shares in the company, valued at $6,882,469.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 469,478 shares of company stock worth $16,118,570. 3.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. boosted its position in Avidity Biosciences by 73.3% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,300,000 shares of the biotechnology company’s stock valued at $8,294,000 after purchasing an additional 550,000 shares during the period. Vanguard Group Inc. boosted its position in Avidity Biosciences by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock valued at $25,612,000 after purchasing an additional 47,305 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Avidity Biosciences by 301.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 166,019 shares of the biotechnology company’s stock valued at $1,502,000 after purchasing an additional 124,633 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in Avidity Biosciences by 149.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company’s stock valued at $784,000 after purchasing an additional 51,839 shares during the period. Finally, FMR LLC boosted its position in Avidity Biosciences by 4.6% during the 3rd quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock valued at $70,910,000 after purchasing an additional 491,567 shares during the period.

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.