Avidity Biosciences (NASDAQ:RNA) Sees Large Volume Increase – What’s Next?

Avidity Biosciences, Inc. (NASDAQ:RNA) shares saw an uptick in trading volume on Friday . 1,650,459 shares changed 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

RNA has been the topic of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. TD Cowen upped their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $65.80.

Avidity Biosciences Stock Down 1.6 %

The stock’s 50-day moving average price is $37.72 and its 200 day moving average price is $41.76. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of -10.23 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) 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 the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the completion of the transaction, the insider now directly owns 94,018 shares of the company’s stock, valued at $4,561,753.36. This trade represents a 21.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 31,855 shares of the stock in a transaction 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 sale, the chief executive officer now owns 265,308 shares in the company, valued at $8,664,959.28. The trade was a 10.72 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 163,071 shares of company stock valued at $6,125,324. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently modified their holdings of RNA. National Bank of Canada FI acquired a new position in Avidity Biosciences during the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC acquired a new position in Avidity Biosciences in the third quarter valued at approximately $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences in the third quarter valued at approximately $32,000. Quarry LP grew its holdings in Avidity Biosciences by 566.7% during the 2nd 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 raised its position in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after acquiring 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.