Avidity Biosciences (NASDAQ:RNA) Hits New 52-Week High – What’s Next?

Avidity Biosciences, Inc. (NASDAQ:RNA) shares reached a new 52-week high during trading on Thursday . The company traded as high as $72.70 and last traded at $72.6150, with a volume of 381842 shares changing hands. The stock had previously closed at $72.54.

Analyst Upgrades and Downgrades

RNA has been the subject of several research analyst reports. Cowen reissued a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Royal Bank Of Canada reissued a “sector perform” rating and set a $72.00 price objective (up previously from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. HC Wainwright cut shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $87.00 to $72.00 in a research report on Monday, October 27th. Evercore ISI set a $72.00 target price on shares of Avidity Biosciences in a research report on Thursday, December 18th. Finally, Sanford C. Bernstein lowered shares of Avidity Biosciences from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $52.00 to $72.00 in a report on Monday, October 27th. Eight analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $69.57.

Avidity Biosciences Stock Performance

The company has a market cap of $10.93 billion, a PE ratio of -17.35 and a beta of 0.95. The business’s 50-day moving average is $71.68 and its 200 day moving average is $54.22.

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

Insider Activity

In related news, insider Teresa Mccarthy sold 1,965 shares of Avidity Biosciences stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $72.23, for a total value of $141,931.95. Following the transaction, the insider directly owned 116,867 shares of the company’s stock, valued at $8,441,303.41. The trade was a 1.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John B. Moriarty sold 2,374 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $72.23, for a total transaction of $171,474.02. Following the completion of the sale, the insider directly owned 74,557 shares in the company, valued at approximately $5,385,252.11. This trade represents a 3.09% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 25,571 shares of company stock valued at $1,792,453. Corporate insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the company. AlphaQuest LLC raised its holdings in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 331 shares during the last quarter. CWM LLC raised its stake in shares of Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 605 shares during the last quarter. Westside Investment Management Inc. purchased a new position in shares of Avidity Biosciences in the second quarter worth $29,000. Allworth Financial LP raised its stake in shares of Avidity Biosciences by 22.8% in the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 159 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Avidity Biosciences by 291.5% during the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 1,099 shares in the last quarter.

About Avidity Biosciences

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.