Avidity Biosciences (NASDAQ:RNA) Trading 6.5% Higher – Should You Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA) rose 6.5% during mid-day trading on Monday . The company traded as high as $45.58 and last traded at $44.59. Approximately 718,639 shares traded hands during trading, a decline of 45% from the average daily volume of 1,311,682 shares. The stock had previously closed at $41.87.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RNA. The Goldman Sachs Group began coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective for the company. TD Cowen lifted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Barclays started coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Thursday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $63.22.

Avidity Biosciences Stock Performance

The company has a market capitalization of $4.92 billion, a PE ratio of -15.34 and a beta of 0.91. The company’s fifty day moving average is $44.39 and its 200-day moving average is $38.82.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. On average, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.99 EPS for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the transaction, the chief executive officer now owns 205,043 shares in the company, valued at $8,888,614.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total value of $1,213,800.00. Following the sale, the chief executive officer now directly owns 205,043 shares in the company, valued at approximately $8,888,614.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $46.63, for a total value of $233,150.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $691,522.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 155,543 shares of company stock worth $6,995,842. 3.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RNA. Price T Rowe Associates Inc. MD lifted its holdings in shares of Avidity Biosciences by 7.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after buying an additional 516,446 shares during the period. Avoro Capital Advisors LLC lifted its stake in Avidity Biosciences by 11.7% in the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after acquiring an additional 680,000 shares during the period. RA Capital Management L.P. grew its holdings in Avidity Biosciences by 33.7% during the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after acquiring an additional 827,647 shares in the last quarter. Janus Henderson Group PLC increased its position in Avidity Biosciences by 4,661.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after purchasing an additional 1,216,730 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its holdings in shares of Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after purchasing an additional 707,773 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.