Avidity Biosciences (NASDAQ:RNA) Sees Large Volume Increase

Avidity Biosciences, Inc. (NASDAQ:RNA) saw an uptick in trading volume on Thursday . 732,594 shares traded hands during 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.

Wall Street Analysts Forecast Growth

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

Avidity Biosciences Stock Up 6.0 %

The firm has a 50-day moving average of $41.04 and a 200 day moving average of $28.75. The stock has a market capitalization of $4.34 billion, a P/E ratio of -15.34 and a beta of 0.90.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.11. The company had revenue of $2.05 million for the quarter, compared to analyst estimates 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 EPS 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 on Friday, July 19th. The shares were sold at an average price of $45.01, for a total transaction of $225,050.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at $667,498.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $45.01, for a total transaction of $225,050.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at $667,498.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total value of $1,213,800.00. Following the completion of the transaction, the chief executive officer now owns 205,043 shares in the company, valued at approximately $8,888,614.05. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 407,478 shares of company stock valued at $15,370,990. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of large investors have recently modified their holdings of the business. Arizona State Retirement System boosted its holdings in shares of Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after acquiring an additional 405 shares in the last quarter. nVerses Capital LLC boosted its holdings in Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 700 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of Avidity Biosciences by 4.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after purchasing an additional 920 shares during the last quarter. Amalgamated Bank grew its position in shares of Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after acquiring an additional 982 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in shares of Avidity Biosciences by 1.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company’s stock valued at $546,000 after buying an additional 1,030 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.