Avidity Biosciences (NASDAQ:RNA) Trading Up 5.7% - Still a Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s stock price rose 5.7% during mid-day trading on Monday . The company traded as high as $27.94 and last traded at $28.18. Approximately 139,730 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,400,285 shares. The stock had previously closed at $26.66.

Analyst Ratings Changes

A number of research firms recently issued reports on RNA. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target on the stock. Chardan Capital reiterated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Royal Bank of Canada reiterated an "outperform" rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Citigroup began coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 target price on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $66.69.

Avidity Biosciences Stock Performance

The company's fifty day moving average is $29.28 and its two-hundred day moving average is $34.66. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share 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 company had revenue of $2.97 million for the quarter, compared to analysts' expectations of $1.74 million. On average, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the sale, the chief executive officer now directly owns 305,871 shares in the company, valued at approximately $9,500,353.26. This trade represents a 9.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,803 shares of company stock worth $1,876,027. 3.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock worth $321,127,000 after acquiring an additional 408,861 shares during the period. Vanguard Group Inc. lifted its holdings in Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after buying an additional 205,027 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock valued at $235,725,000 after acquiring an additional 1,075,148 shares in the last quarter. Avoro Capital Advisors LLC boosted its stake in shares of Avidity Biosciences by 9.1% in the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock valued at $218,100,000 after buying an additional 625,000 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in Avidity Biosciences by 44.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after acquiring an additional 2,156,844 shares during the last quarter.

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.