Avidity Biosciences (NASDAQ:RNA) Reaches New 52-Week High – What’s Next?

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) reached a new 52-week high on Friday . The company traded as high as $71.80 and last traded at $71.8450, with a volume of 676375 shares trading hands. The stock had previously closed at $71.60.

Wall Street Analyst Weigh In

RNA has been the subject of several research analyst reports. Raymond James Financial downgraded Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 27th. Evercore ISI reduced their price target on Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating for the company in a research report on Monday, September 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, October 8th. Loop Capital set a $72.00 target price on Avidity Biosciences in a research note on Tuesday, October 28th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Nine analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $69.24.

Avidity Biosciences Stock Performance

The company has a market capitalization of $10.83 billion, a price-to-earnings ratio of -17.19 and a beta of 0.90. The company’s fifty day simple moving average is $63.61 and its two-hundred day simple moving average is $46.83.

Avidity Biosciences (NASDAQ:RNA) last posted its 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 the consensus estimate 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 for the quarter was up 420.8% compared to the same quarter last year. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Activity at Avidity Biosciences

In other news, insider Steven George Hughes sold 2,209 shares of the company’s stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $47.54, for a total transaction of $105,015.86. Following the completion of the transaction, the insider owned 38,867 shares of the company’s stock, valued at approximately $1,847,737.18. This represents a 5.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 20,000 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $50.15, for a total transaction of $1,003,000.00. Following the completion of the transaction, the insider directly owned 97,130 shares of the company’s stock, valued at $4,871,069.50. This trade represents a 17.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 30,979 shares of company stock worth $1,495,400. 3.83% of the stock is owned by corporate insiders.

Institutional Trading of Avidity Biosciences

Large investors have recently bought and sold shares of the business. Allworth Financial LP boosted its position in Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 159 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of Avidity Biosciences by 21.2% in the 3rd quarter. IFP Advisors Inc now owns 3,641 shares of the biotechnology company’s stock valued at $159,000 after purchasing an additional 636 shares during the period. Swiss Life Asset Management Ltd acquired a new stake in shares of Avidity Biosciences in the third quarter valued at approximately $213,000. Cantor Fitzgerald L. P. acquired a new position in shares of Avidity Biosciences in the third quarter valued at $4,977,000. Finally, CIBC Bancorp USA Inc. acquired a new position in Avidity Biosciences in the 3rd quarter valued at about $474,000.

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.