Avidity Biosciences (NASDAQ:RNA) Sees Large Volume Increase

Avidity Biosciences, Inc. (NASDAQ:RNA) shares saw unusually-high trading volume on Thursday . Approximately 732,594 shares traded hands during mid-day trading, a decline of 44% from the previous session’s volume of 1,312,698 shares.The stock last traded at $44.55 and had previously closed at $42.85.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RNA shares. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Tuesday. Chardan Capital lifted their price objective on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Bank of America upped their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Finally, Evercore ISI boosted their target price on Avidity Biosciences from $45.00 to $54.00 and gave the stock an “outperform” rating in a research note on Monday. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $54.83.

Avidity Biosciences Stock Performance

The stock has a market cap of $4.34 billion, a P/E ratio of -15.34 and a beta of 0.90. The firm’s fifty day simple moving average is $41.04 and its 200-day simple moving average is $28.75.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. The company had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 40.96% and a negative net margin of 2,381.82%. Analysts predict that Avidity Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $29.90, for a total transaction of $149,500.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at $443,417. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $29.90, for a total value of $149,500.00. Following the transaction, the director now owns 14,830 shares in the company, valued at $443,417. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sarah Boyce sold 164,233 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $40.08, for a total transaction of $6,582,458.64. Following the sale, the chief executive officer now directly owns 112,117 shares in the company, valued at $4,493,649.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 407,478 shares of company stock valued at $15,370,990. Corporate insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

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

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.