Shares of Avidity Biosciences, Inc. (NASDAQ:RNA – Get Free Report) saw strong trading volume on Friday . 1,650,459 shares were traded during trading, an increase of 46% from the previous session’s volume of 1,128,962 shares.The stock last traded at $30.00 and had previously closed at $29.93.
Analyst Ratings Changes
A number of analysts recently weighed in on RNA shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Chardan Capital restated a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Friday. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $65.80.
Check Out Our Latest Analysis on Avidity Biosciences
Avidity Biosciences Stock Performance
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. On average, analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.
Insider Activity at Avidity Biosciences
In other Avidity Biosciences news, insider W. Michael Flanagan sold 12,742 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the transaction, the insider now owns 72,647 shares of the company’s stock, valued at $2,372,651.02. The trade was a 14.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the completion of the sale, the insider now owns 94,018 shares in the company, valued at $4,561,753.36. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 163,071 shares of company stock valued at $6,125,324. Insiders own 3.68% of the company’s stock.
Institutional Investors Weigh In On Avidity Biosciences
Large investors have recently added to or reduced their stakes in the business. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences in the third quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences during the 3rd quarter worth about $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences in the 3rd quarter valued at about $32,000. Quarry LP lifted its position in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC grew its position in shares of Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares during 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.
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