Avidity Biosciences (NASDAQ:RNA) Stock Price Up 6.5%

Avidity Biosciences, Inc. (NASDAQ:RNA) traded up 6.5% during trading on Monday . The stock traded as high as $24.23 and last traded at $24.20. 381,166 shares were traded during trading, a decline of 67% from the average session volume of 1,170,404 shares. The stock had previously closed at $22.73.

Analyst Upgrades and Downgrades

RNA has been the subject of several recent analyst reports. Wells Fargo & Company reissued an “overweight” rating and issued a $50.00 price objective on shares of Avidity Biosciences in a report on Wednesday, January 3rd. Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a research report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price objective for the company. Chardan Capital reaffirmed a “buy” rating and issued a $23.00 target price on shares of Avidity Biosciences in a report on Thursday, February 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $35.00 target price on shares of Avidity Biosciences in a research note on Thursday, April 11th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and an average target price of $36.33.

Avidity Biosciences Trading Up 4.1 %

The business has a fifty day moving average price of $21.51 and a 200-day moving average price of $12.98.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.25). Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. The firm had revenue of $2.19 million during the quarter, compared to the consensus estimate of $32.08 million. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -3.07 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In related news, CEO Sarah Boyce sold 84,000 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at $2,398,182.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $22.82, for a total value of $114,100.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $338,420.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 84,000 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $21.39, for a total value of $1,796,760.00. Following the completion of the sale, the chief executive officer now directly owns 112,117 shares in the company, valued at approximately $2,398,182.63. The disclosure for this sale can be found here. Insiders sold 204,641 shares of company stock valued at $4,676,431 in the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. increased its position in Avidity Biosciences by 38.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 119,584 shares of the biotechnology company’s stock valued at $3,052,000 after acquiring an additional 32,973 shares during the period. Raymond James & Associates lifted its holdings in Avidity Biosciences by 127.6% during the 1st quarter. Raymond James & Associates now owns 295,718 shares of the biotechnology company’s stock worth $7,547,000 after buying an additional 165,797 shares during the period. Hennion & Walsh Asset Management Inc. grew its position in shares of Avidity Biosciences by 2.5% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock valued at $1,862,000 after buying an additional 1,777 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Avidity Biosciences by 17.4% in the fourth quarter. Wellington Management Group LLP now owns 291,218 shares of the biotechnology company’s stock valued at $2,636,000 after buying an additional 43,147 shares during the period. Finally, Lighthouse Investment Partners LLC acquired a new stake in shares of Avidity Biosciences in the fourth quarter valued at about $592,000.

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.