Avidity Biosciences (NASDAQ:RNA) Sees Large Volume Increase – Here’s Why

Avidity Biosciences, Inc. (NASDAQ:RNA) saw unusually-strong trading volume on Friday . Approximately 1,650,459 shares traded hands during mid-day 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 Upgrades and Downgrades

A number of brokerages have recently weighed in on RNA. TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price objective on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $65.80.

Avidity Biosciences Price Performance

The company has a market cap of $3.51 billion, a P/E ratio of -10.23 and a beta of 0.99. The stock has a fifty day moving average price of $37.97 and a two-hundred day moving average price of $41.81.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider W. Michael Flanagan sold 12,742 shares of the company’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 value of $416,153.72. Following the completion of the transaction, the insider now owns 72,647 shares of the company’s stock, valued at $2,372,651.02. This represents a 14.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sarah Boyce sold 31,855 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the transaction, the chief executive officer now directly owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. The trade was a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 163,071 shares of company stock valued at $6,125,324. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RNA. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences in the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC acquired a new position in Avidity Biosciences during the third quarter worth approximately $30,000. Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences during the third quarter worth approximately $32,000. Quarry LP boosted its holdings in shares of 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 period. Finally, Quest Partners LLC boosted its stake 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 buying an additional 1,392 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.