Avidity Biosciences (NASDAQ:RNA) Shares Gap Up - Here's Why

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $31.45, but opened at $33.43. Avidity Biosciences shares last traded at $33.48, with a volume of 1,268,894 shares.

Wall Street Analysts Forecast Growth

RNA has been the topic of several research reports. Needham & Company LLC restated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, April 9th. Wolfe Research initiated coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 price objective on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Friday, June 27th. Citigroup upped their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Sixteen equities research 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.com, the company presently has an average rating of "Buy" and an average target price of $66.35.

Avidity Biosciences Price Performance

The business's fifty day moving average is $30.47 and its 200-day moving average is $30.27. The firm has a market cap of $4.19 billion, a PE ratio of -11.57 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted 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 26.96% and a negative net margin of 4,136.00%. The company had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. Analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $32.48, for a total transaction of $190,820.00. Following the completion of the transaction, the insider owned 50,554 shares in the company, valued at $1,641,993.92. This trade represents a 10.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider W. Michael Flanagan sold 20,000 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total transaction of $657,600.00. Following the transaction, the insider owned 80,195 shares of the company's stock, valued at $2,636,811.60. This represents a 19.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,661 shares of company stock valued at $1,066,319 in the last quarter. Company insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

Large investors have recently modified their holdings of the company. TD Waterhouse Canada Inc. boosted its position 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 during the period. Parallel Advisors LLC boosted its position in shares of Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 515 shares during the period. Headlands Technologies LLC bought a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $60,000. GF Fund Management CO. LTD. bought a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $73,000. Finally, IFP Advisors Inc boosted its position in shares of Avidity Biosciences by 123.2% in the first quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock valued at $96,000 after acquiring an additional 1,787 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.

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