Avidity Biosciences (NASDAQ:RNA) Reaches New 1-Year High at $42.55

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $42.55 and last traded at $42.46, with a volume of 838604 shares changing hands. The stock had previously closed at $40.37.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RNA. Cantor Fitzgerald began coverage on Avidity Biosciences in a report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target on the stock. Evercore ISI raised their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, June 12th. Chardan Capital raised their target price on Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Bank of America raised their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $35.00 target price on shares of Avidity Biosciences in a report on Monday, June 10th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $44.29.

Avidity Biosciences Trading Up 5.1 %

The firm has a market cap of $4.06 billion, a P/E ratio of -13.68 and a beta of 0.90. The company has a fifty day moving average price of $32.07 and a two-hundred day moving average price of $22.59.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.02. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. The business had revenue of $3.54 million for the quarter, compared to analysts’ expectations of $7.09 million. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -3.15 EPS for the current year.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $22.82, for a total value of $114,100.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Arthur A. Levin sold 5,000 shares of the company’s 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 sale, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 164,233 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $40.08, for a total value of $6,582,458.64. Following the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at $4,493,649.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 454,478 shares of company stock valued at $15,764,320. 3.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Avidity Biosciences by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock worth $25,612,000 after buying an additional 47,305 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of 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 worth $1,502,000 after buying an additional 124,633 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Avidity Biosciences by 149.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company’s stock worth $784,000 after buying an additional 51,839 shares in the last quarter. abrdn plc acquired a new position in shares of Avidity Biosciences during the 4th quarter worth $1,171,000. Finally, Raymond James & Associates raised its holdings in shares of Avidity Biosciences by 39.3% during the 4th quarter. Raymond James & Associates now owns 129,921 shares of the biotechnology company’s stock worth $1,176,000 after buying an additional 36,666 shares in the last quarter.

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.