Avidity Biosciences (NASDAQ:RNA) Shares Gap Up Following Analyst Upgrade

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s stock price gapped up prior to trading on Monday after Citigroup raised their price target on the stock from $70.00 to $75.00. The stock had previously closed at $36.24, but opened at $38.00. Citigroup currently has a buy rating on the stock. Avidity Biosciences shares last traded at $33.70, with a volume of 409,321 shares changing hands.

A number of other research analysts also recently commented on RNA. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. JPMorgan Chase & Co. increased their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday. HC Wainwright decreased their price target on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Barclays upped their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a report on Tuesday. Finally, Scotiabank initiated coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target on the stock. Fourteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has an average rating of "Buy" and a consensus target price of $67.50.

Insider Buying and Selling at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 7,935 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the transaction, the chief financial officer now owns 96,720 shares of the company's stock, valued at approximately $3,004,123.20. This represents a 7.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sarah Boyce sold 31,540 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the transaction, the chief executive officer now owns 305,871 shares of the company's stock, valued at $9,500,353.26. This trade represents a 9.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,678 shares of company stock valued at $2,068,257 over the last 90 days. 3.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. TD Waterhouse Canada Inc. raised its stake in shares of Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences in the fourth quarter worth $38,000. Parallel Advisors LLC boosted its stake in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after buying an additional 515 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at $60,000. Finally, GF Fund Management CO. LTD. acquired a new position in Avidity Biosciences in the 4th quarter worth $73,000.

Avidity Biosciences Stock Up 4.9%

The stock has a market capitalization of $4.13 billion, a P/E ratio of -11.90 and a beta of 0.95. The company has a 50 day moving average of $29.49 and a 200-day moving average of $31.33.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. Equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

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.