Avidity Biosciences (NASDAQ:RNA) Hits New 1-Year High at $28.19

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $28.19 and last traded at $27.19, with a volume of 188955 shares. The stock had previously closed at $26.02.

Analysts Set New Price Targets

RNA has been the topic of several recent research reports. Cantor Fitzgerald initiated coverage on Avidity Biosciences in a report on Thursday, March 14th. They issued an "overweight" rating and a $60.00 price target on the stock. Chardan Capital reissued a "buy" rating and issued a $33.00 price target on shares of Avidity Biosciences in a report on Friday. Bank of America initiated coverage on Avidity Biosciences in a research note on Friday, May 3rd. They set a "buy" rating and a $40.00 target price on the stock. Finally, Needham & Company LLC restated a "buy" rating and issued a $35.00 target price on shares of Avidity Biosciences in a report on Friday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $38.29.

Avidity Biosciences Stock Up 11.1 %

The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -9.78 and a beta of 0.79. The company's 50-day moving average is $24.35 and its 200-day moving average is $14.92.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $2.19 million for the quarter, compared to analyst estimates of $32.08 million. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. On average, research analysts forecast that Avidity Biosciences, Inc. will post -3.07 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 27,641 shares of the firm's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total value of $608,931.23. Following the transaction, the director now owns 14,830 shares in the company, valued at $326,704.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Avidity Biosciences news, CEO Sarah Boyce sold 84,000 shares of the firm's stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the transaction, the chief executive officer now owns 112,117 shares in the company, valued at $2,398,182.63. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Arthur A. Levin sold 27,641 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total transaction of $608,931.23. Following the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $326,704.90. The disclosure for this sale can be found here. Insiders sold a total of 232,641 shares of company stock valued at $5,391,551 over the last quarter. Corporate insiders own 2.00% of the company's stock.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. State Board of Administration of Florida Retirement System boosted its holdings in shares of Avidity Biosciences by 4.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company's stock worth $541,000 after acquiring an additional 920 shares during the period. Los Angeles Capital Management LLC increased its holdings in shares of Avidity Biosciences by 1.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company's stock worth $546,000 after buying an additional 1,030 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Avidity Biosciences by 2.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company's stock worth $1,862,000 after buying an additional 1,777 shares in the last quarter. ProShare Advisors LLC boosted its position in Avidity Biosciences by 11.2% during the 1st quarter. ProShare Advisors LLC now owns 18,878 shares of the biotechnology company's stock worth $482,000 after buying an additional 1,898 shares during the period. Finally, Alps Advisors Inc. raised its position in Avidity Biosciences by 5.1% during the 3rd quarter. Alps Advisors Inc. now owns 54,730 shares of the biotechnology company's stock worth $349,000 after purchasing an additional 2,674 shares during the last quarter.

About Avidity Biosciences

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.