Avidity Biosciences (NASDAQ:RNA) Stock Price Up 8.5% – Here’s What Happened

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) rose 8.5% during trading on Monday . The company traded as high as $33.37 and last traded at $33.46. Approximately 454,690 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 1,314,351 shares. The stock had previously closed at $30.84.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RNA shares. HC Wainwright reaffirmed a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target on the stock. Bank of America dropped their price objective 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. Barclays reduced their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Finally, Citigroup initiated coverage on Avidity Biosciences in a research report on Thursday, March 13th. They set a “buy” rating and a $70.00 price target for the company. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Stock Up 0.5 %

The firm has a market capitalization of $3.88 billion, a P/E ratio of -11.21 and a beta of 1.02. The business’s 50-day simple moving average is $31.31 and its 200 day simple moving average is $37.33.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate 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 predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In other news, insider Teresa Mccarthy sold 2,959 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $84,597.81. Following the transaction, the insider now owns 104,908 shares in the company, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the sale, the director now owns 12,958 shares of the company’s stock, valued at $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 73,443 shares of company stock worth $2,241,889. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RNA. California State Teachers Retirement System lifted its holdings in Avidity Biosciences by 9.2% in the 4th quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company’s stock worth $2,459,000 after buying an additional 7,148 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Avidity Biosciences in the fourth quarter worth $4,722,000. GF Fund Management CO. LTD. bought a new stake in Avidity Biosciences in the fourth quarter valued at $73,000. Neo Ivy Capital Management increased its position in Avidity Biosciences by 479.2% during the 4th quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company’s stock valued at $2,795,000 after purchasing an additional 79,524 shares during the period. Finally, Castleark Management LLC raised its holdings in Avidity Biosciences by 23.7% in the 4th quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company’s stock worth $2,054,000 after purchasing an additional 13,510 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.