Avidity Biosciences (NASDAQ:RNA) Sets New 1-Year High at $26.62

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $26.62 and last traded at $26.56, with a volume of 684207 shares traded. The stock had previously closed at $25.52.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RNA shares. Wells Fargo & Company reaffirmed an "overweight" rating and set a $50.00 target price on shares of Avidity Biosciences in a research report on Wednesday, January 3rd. Chardan Capital reaffirmed a "buy" rating and set a $23.00 target price on shares of Avidity Biosciences in a research report on Thursday, February 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $35.00 target price on shares of Avidity Biosciences in a research report on Thursday, February 29th. Finally, Cantor Fitzgerald started coverage on Avidity Biosciences in a research report on Thursday, March 14th. They set an "overweight" rating and a $60.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $36.33.

Avidity Biosciences Stock Up 3.4 %

The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -9.10 and a beta of 0.77. The firm has a 50-day moving average of $17.49 and a two-hundred day moving average of $10.94.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.54) by ($0.25). The business had revenue of $2.19 million for the quarter, compared to analyst estimates of $32.08 million. Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -3.07 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider W. Michael Flanagan sold 4,129 shares of the business's stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $10.13, for a total value of $41,826.77. Following the transaction, the insider now owns 35,871 shares in the company, valued at $363,373.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Avidity Biosciences news, insider W. Michael Flanagan sold 4,129 shares of the business's stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $10.13, for a total value of $41,826.77. Following the transaction, the insider now owns 35,871 shares in the company, valued at $363,373.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael F. Maclean sold 40,000 shares of the business's stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $24.52, for a total value of $980,800.00. Following the completion of the transaction, the chief financial officer now owns 44,093 shares in the company, valued at approximately $1,081,160.36. The disclosure for this sale can be found here. Insiders have sold 192,337 shares of company stock worth $4,148,742 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc raised its holdings in Avidity Biosciences by 3.9% in the 2nd quarter. Legal & General Group Plc now owns 19,441 shares of the biotechnology company's stock worth $282,000 after acquiring an additional 725 shares during the period. American International Group Inc. raised its holdings in Avidity Biosciences by 4.1% in the 4th quarter. American International Group Inc. now owns 25,310 shares of the biotechnology company's stock worth $562,000 after acquiring an additional 997 shares during the period. Los Angeles Capital Management LLC raised its holdings in Avidity Biosciences by 1.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company's stock worth $546,000 after acquiring an additional 1,030 shares during the period. ProShare Advisors LLC raised its holdings in Avidity Biosciences by 9.4% in the 2nd quarter. ProShare Advisors LLC now owns 13,777 shares of the biotechnology company's stock worth $153,000 after acquiring an additional 1,184 shares during the period. Finally, US Bancorp DE raised its holdings in Avidity Biosciences by 2.5% in the 4th quarter. US Bancorp DE now owns 61,964 shares of the biotechnology company's stock worth $561,000 after acquiring an additional 1,497 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.