Avidity Biosciences (NASDAQ:RNA) Shares Up 5.7% – Should You Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price was up 5.7% during trading on Monday . The company traded as high as $27.94 and last traded at $28.18. Approximately 139,730 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,400,285 shares. The stock had previously closed at $26.66.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RNA shares. Bank of America cut their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Citigroup began coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price target on the stock. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, April 9th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Trading Up 7.2 %

The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of -9.92 and a beta of 1.01. The stock has a 50-day simple moving average of $29.50 and a 200 day simple moving average of $35.05.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 10,397 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $297,250.23. Following the completion of the transaction, the chief executive officer now owns 337,411 shares of the company’s stock, valued at approximately $9,646,580.49. The trade was a 2.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the transaction, the insider now directly owns 72,850 shares in the company, valued at approximately $2,262,721. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 79,318 shares of company stock valued at $2,405,390. Corporate insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at $386,000. Lord Abbett & CO. LLC boosted its stake in Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after purchasing an additional 124,867 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock valued at $274,280,000 after buying an additional 205,027 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Avidity Biosciences by 19.5% during the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company’s stock worth $10,557,000 after buying an additional 59,295 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in Avidity Biosciences by 229.9% during the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock worth $3,412,000 after acquiring an additional 50,908 shares during 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.