Avidity Biosciences (NASDAQ:RNA) Shares Up 4.1% – Time to Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price rose 4.1% on Tuesday . The company traded as high as $31.26 and last traded at $31.01. Approximately 248,620 shares traded hands during trading, a decline of 82% from the average daily volume of 1,407,692 shares. The stock had previously closed at $29.80.

Wall Street Analyst Weigh In

A number of analysts have commented on RNA shares. Bank of America upped their price target on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Chardan Capital upped their price target on Avidity Biosciences from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Barclays boosted their target price on Avidity Biosciences from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 10th. HC Wainwright reduced their target price on Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a report on Monday, May 12th. Finally, Raymond James initiated coverage on Avidity Biosciences in a report on Wednesday, June 11th. They set a “strong-buy” rating and a $65.00 price target on the stock. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus target price of $66.56.

Avidity Biosciences Stock Down 0.2%

The company has a market capitalization of $3.59 billion, a PE ratio of -10.31 and a beta of 0.95. The company has a 50-day moving average price of $30.10 and a two-hundred day moving average price of $30.91.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $2.63 million. As a group, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at $1,406,917.82. The trade was a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Steven George Hughes sold 9,578 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the transaction, the insider now owns 72,850 shares in the company, valued at $2,262,721. This represents a 11.62% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,678 shares of company stock worth $2,725,857. Insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNA. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences in the fourth quarter valued at about $38,000. Rhumbline Advisers increased its holdings in Avidity Biosciences by 3.2% during the 4th quarter. Rhumbline Advisers now owns 153,803 shares of the biotechnology company’s stock valued at $4,473,000 after purchasing an additional 4,795 shares during the period. State of New Jersey Common Pension Fund D increased its holdings in Avidity Biosciences by 8.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 48,536 shares of the biotechnology company’s stock valued at $1,411,000 after purchasing an additional 3,638 shares during the period. New York State Common Retirement Fund raised its position in Avidity Biosciences by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock valued at $5,374,000 after purchasing an additional 598 shares during the last quarter. Finally, Handelsbanken Fonder AB purchased a new stake in Avidity Biosciences in the 4th quarter worth approximately $788,000.

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.