Avidity Biosciences (NASDAQ:RNA) Stock Price Up 8.5% – Should You Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price was up 8.5% on Monday . The stock traded as high as $33.37 and last traded at $33.46. Approximately 454,690 shares changed hands during trading, a decline of 65% from the average daily volume of 1,314,351 shares. The stock had previously closed at $30.84.

Analyst Ratings Changes

A number of research analysts have weighed in on RNA shares. Chardan Capital reiterated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Bank of America decreased their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Scotiabank began coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target for the company. Finally, Citigroup assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective on the stock. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Stock Up 0.5 %

The stock has a market cap of $3.88 billion, a PE ratio of -11.21 and a beta of 1.02. The stock’s fifty day moving average price is $31.31 and its 200 day moving average price is $37.33.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the sale, the chief executive officer now owns 305,871 shares of the company’s stock, valued at approximately $9,500,353.26. The trade was a 9.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the sale, the chief financial officer now directly owns 104,655 shares of the company’s stock, valued at $2,992,086.45. The trade was a 3.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,443 shares of company stock worth $2,241,889. 3.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RNA. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences in the 3rd quarter worth $27,000. TD Waterhouse Canada Inc. increased its position in Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of Avidity Biosciences in the fourth quarter worth about $38,000. Quest Partners LLC lifted 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 buying an additional 1,392 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Avidity Biosciences during the 4th quarter valued at approximately $60,000.

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.