Avidity Biosciences (NASDAQ:RNA) Sets New 1-Year High – Here’s Why

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $71.79 and last traded at $71.7350, with a volume of 1183214 shares changing hands. The stock had previously closed at $71.54.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RNA. Barclays reiterated an “overweight” rating and set a $62.00 target price (up previously from $59.00) on shares of Avidity Biosciences in a research report on Friday, August 8th. Raymond James Financial lowered shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 27th. Citigroup downgraded Avidity Biosciences from a “buy” rating to a “hold” rating in a report on Monday, October 27th. Bank of America raised their price target on Avidity Biosciences from $56.00 to $65.00 and gave the company a “buy” rating in a report on Monday, September 15th. Finally, Leerink Partners reiterated a “market perform” rating and issued a $72.00 price objective (up previously from $65.00) on shares of Avidity Biosciences in a research report on Monday, October 27th. Nine research 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’s stock. According to data from MarketBeat.com, Avidity Biosciences has a consensus rating of “Hold” and an average price target of $69.24.

Avidity Biosciences Stock Performance

The stock has a market capitalization of $10.80 billion, a P/E ratio of -17.14 and a beta of 0.90. The stock has a 50-day simple moving average of $60.79 and a 200 day simple moving average of $45.42.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The business had revenue of $12.48 million for the quarter, compared to the consensus estimate of $1.80 million. Avidity Biosciences’s revenue for the quarter was up 420.8% compared to the same quarter last year. Equities analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 20,000 shares of Avidity Biosciences stock in a transaction on 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 sale, the insider directly owned 97,130 shares of the company’s stock, valued at $4,871,069.50. The trade was a 17.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eric Mosbrooker sold 6,562 shares of the stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $45.38, for a total value of $297,783.56. Following the completion of the transaction, the insider directly owned 55,000 shares in the company, valued at $2,495,900. The trade was a 10.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,979 shares of company stock worth $1,495,400 in the last three months. Insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RNA. Mackenzie Financial Corp bought a new stake in Avidity Biosciences in the first quarter valued at approximately $213,000. Natixis Advisors LLC grew its holdings in shares of Avidity Biosciences by 3.8% in the 1st quarter. Natixis Advisors LLC now owns 14,095 shares of the biotechnology company’s stock valued at $416,000 after buying an additional 518 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Avidity Biosciences by 9.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company’s stock valued at $181,000 after buying an additional 514 shares in the last quarter. Citigroup Inc. raised its stake in Avidity Biosciences by 98.6% during the 1st quarter. Citigroup Inc. now owns 377,279 shares of the biotechnology company’s stock worth $11,137,000 after buying an additional 187,325 shares during the period. Finally, Invesco Ltd. raised its stake in Avidity Biosciences by 204.1% during the 1st quarter. Invesco Ltd. now owns 288,139 shares of the biotechnology company’s stock worth $8,506,000 after buying an additional 193,376 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.