Avidity Biosciences (NASDAQ:RNA) Stock Price Up 5.4%

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price rose 5.4% during trading on Wednesday . The company traded as high as $46.54 and last traded at $46.38. Approximately 1,411,149 shares traded hands during trading, an increase of 3% from the average daily volume of 1,369,633 shares. The stock had previously closed at $44.00.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RNA. Bank of America lifted their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Barclays assumed coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. The Goldman Sachs Group began coverage on Avidity Biosciences in a research report on Tuesday. They issued a “buy” rating and a $59.00 target price for the company. Finally, Chardan Capital upped their price target on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $60.75.

Avidity Biosciences Stock Up 4.3 %

The stock’s 50 day simple moving average is $43.71 and its 200 day simple moving average is $34.61.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. The firm 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%. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Insider Activity

In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 205,043 shares in the company, valued at $8,187,366.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, 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 value of $578,732.00. Following the sale, the insider now directly owns 69,018 shares in the company, valued at approximately $3,036,792. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total value 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. 3.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently bought and sold shares of RNA. Arizona State Retirement System lifted its position in Avidity Biosciences by 2.1% during the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares during the period. nVerses Capital LLC lifted 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 valued at $139,000 after acquiring an additional 700 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in Avidity Biosciences by 4.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock worth $541,000 after acquiring an additional 920 shares in the last quarter. Amalgamated Bank grew its holdings in Avidity Biosciences by 39.0% in the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 982 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in shares of Avidity Biosciences by 32.4% during the second 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 in the last quarter.

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.