Avidity Biosciences (NASDAQ:RNA) Trading 4.1% Higher - Still a Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) traded up 4.1% during mid-day trading on Tuesday . The stock traded as high as $31.26 and last traded at $31.01. 248,620 shares changed hands during trading, a decline of 82% from the average session volume of 1,407,692 shares. The stock had previously closed at $29.80.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Scotiabank assumed coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price on the stock. Raymond James Financial assumed coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 target price on the stock. Wolfe Research assumed coverage on Avidity Biosciences in a research report on Tuesday. They set an "outperform" rating and a $55.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. increased their target price on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of "Buy" and an average target price of $66.56.

Avidity Biosciences Stock Performance

The stock has a market cap of $3.53 billion, a PE ratio of -9.77 and a beta of 0.95. The firm has a fifty day moving average price of $30.46 and a 200 day moving average price of $30.74.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results 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). The firm had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative return on equity of 26.96% and a negative net margin of 4,136.00%. On average, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at $1,406,917.82. This trade represents a 10.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider W. Michael Flanagan sold 20,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the transaction, the insider now owns 80,195 shares of the company's stock, valued at $2,636,811.60. The trade was a 19.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,536 shares of company stock worth $1,229,820 in the last 90 days. Insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently modified their holdings of the stock. Amalgamated Bank raised its stake in shares of Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock valued at $116,000 after buying an additional 418 shares during the last quarter. Corebridge Financial Inc. raised its stake in shares of Avidity Biosciences by 0.8% during the 1st quarter. Corebridge Financial Inc. now owns 55,643 shares of the biotechnology company's stock valued at $1,643,000 after buying an additional 463 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Avidity Biosciences by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company's stock valued at $181,000 after buying an additional 514 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Avidity Biosciences by 43.3% during the 1st 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. Finally, Quantinno Capital Management LP increased its stake in shares of Avidity Biosciences by 8.0% in the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock valued at $204,000 after purchasing an additional 518 shares in 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.