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

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

Analysts Set New Price Targets

Several research analysts have weighed in on RNA shares. Chardan Capital restated a “buy” rating and issued a $23.00 price target on shares of Avidity Biosciences in a research note on Thursday, February 29th. Wells Fargo & Company reiterated an “overweight” rating and issued a $50.00 target price on shares of Avidity Biosciences in a research report on Wednesday, January 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a research note on Thursday, April 11th. Finally, Cantor Fitzgerald started coverage on Avidity Biosciences in a report on Thursday, March 14th. They set an “overweight” rating and a $60.00 price objective on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and a consensus price target of $36.33.

Avidity Biosciences Stock Performance

The stock’s 50-day simple moving average is $21.51 and its two-hundred day simple moving average is $12.98.

Avidity Biosciences (NASDAQ:RNA) last announced its 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 business had revenue of $2.19 million for the quarter, compared to analysts’ expectations of $32.08 million. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $338,420.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 owns 253,872 shares of the company’s stock, valued at $6,882,469.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction 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 completion of the transaction, the director now directly owns 14,830 shares in the company, valued at $338,420.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 204,641 shares of company stock worth $4,676,431. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in RNA. Adage Capital Partners GP L.L.C. raised its stake in Avidity Biosciences by 73.3% in 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 last quarter. Vanguard Group Inc. boosted its position in Avidity Biosciences by 1.2% during the third quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock worth $25,612,000 after acquiring an additional 47,305 shares during the last quarter. FMR LLC boosted its position in Avidity Biosciences by 4.6% during the third quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock worth $70,910,000 after acquiring an additional 491,567 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake 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 acquiring an additional 124,633 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in Avidity Biosciences by 149.1% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company’s stock worth $784,000 after purchasing an additional 51,839 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.