Avidity Biosciences (NASDAQ:RNA) Hits New 1-Year High – Here’s What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $71.12 and last traded at $71.00, with a volume of 1191539 shares. The stock had previously closed at $70.56.

Analyst Ratings Changes

Several research firms have commented on RNA. Cowen reaffirmed a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Chardan Capital reissued a “neutral” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Tuesday, November 11th. Evercore ISI decreased their price target on Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating for the company in a report on Monday, September 22nd. HC Wainwright lowered shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $87.00 to $72.00 in a research report on Monday, October 27th. Finally, Bank of America upped their price objective on shares of Avidity Biosciences from $56.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $69.24.

Avidity Biosciences Stock Up 0.0%

The company has a market cap of $10.78 billion, a price-to-earnings ratio of -17.12 and a beta of 0.97. The business has a fifty day simple moving average of $56.63 and a 200 day simple moving average of $43.57.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). The company had revenue of $12.48 million during the quarter, compared to analysts’ expectations of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The company’s revenue was up 420.8% on a year-over-year basis. Equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 50,000 shares of Avidity Biosciences stock in a transaction on Friday, September 5th. The stock was sold at an average price of $49.95, for a total transaction of $2,497,500.00. Following the completion of the transaction, the chief executive officer directly owned 305,871 shares of the company’s stock, valued at approximately $15,278,256.45. The trade was a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Troy Edward Wilson sold 29,500 shares of the company’s stock in a transaction on Friday, September 5th. The shares were sold at an average price of $50.00, for a total value of $1,475,000.00. Following the completion of the sale, the director directly owned 54,425 shares in the company, valued at $2,721,250. This trade represents a 35.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 142,230 shares of company stock worth $7,020,485. 3.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently bought and sold shares of the stock. AlphaQuest LLC lifted its position in shares of Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 331 shares in the last quarter. CWM LLC increased its position in Avidity Biosciences by 1,635.1% during the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 605 shares in the last quarter. Westside Investment Management Inc. acquired a new position in Avidity Biosciences in the 2nd quarter valued at about $29,000. PNC Financial Services Group Inc. lifted its holdings in Avidity Biosciences by 291.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 1,099 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its stake in shares of Avidity Biosciences by 1,659.1% during the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,543 shares during 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.