Avidity Biosciences (NASDAQ:RNA) Trading Up 2.4%

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price traded up 2.4% during trading on Wednesday . The stock traded as high as $44.77 and last traded at $44.77. 129,988 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 1,330,190 shares. The stock had previously closed at $43.72.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RNA. Chardan Capital increased their price objective on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. 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 research note on Monday. Bank of America lifted their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Finally, Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday. They set an “overweight” rating and a $63.00 price target on the stock. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and an average price target of $55.86.

Avidity Biosciences Stock Up 0.7 %

The firm has a market cap of $4.11 billion, a P/E ratio of -14.45 and a beta of 0.90. The company has a 50 day moving average of $43.16 and a two-hundred day moving average of $31.08.

Avidity Biosciences (NASDAQ:RNA) last released 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 business 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%. Research analysts expect that Avidity Biosciences, Inc. will post -2.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $27.42, for a total transaction of $767,760.00. Following the sale, the chief executive officer now owns 112,117 shares in the company, valued at $3,074,248.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Arthur A. Levin sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $35.07, for a total transaction of $1,402,800.00. Following the completion of the sale, the director now directly owns 213,872 shares of the company’s stock, valued at approximately $7,500,491.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $27.42, for a total value of $767,760.00. Following the completion of the sale, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at approximately $3,074,248.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 407,478 shares of company stock valued at $15,447,440. 3.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

A number of large investors have recently bought and sold shares of RNA. Quarry LP boosted its position in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the period. Creative Planning boosted its holdings in shares of Avidity Biosciences by 45.1% during the 2nd quarter. Creative Planning now owns 13,487 shares of the biotechnology company’s stock worth $551,000 after buying an additional 4,190 shares during the period. Algert Global LLC grew its stake in Avidity Biosciences by 32.5% in the 2nd quarter. Algert Global LLC now owns 42,563 shares of the biotechnology company’s stock valued at $1,739,000 after buying an additional 10,443 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Avidity Biosciences by 18.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 272,762 shares of the biotechnology company’s stock valued at $11,142,000 after buying an additional 42,636 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its holdings in Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after acquiring an additional 707,773 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.