Avidity Biosciences (NASDAQ:RNA) Sets New 52-Week High – Here’s What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $52.96 and last traded at $52.60, with a volume of 515375 shares. The stock had previously closed at $46.73.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. The Goldman Sachs Group started coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. TD Cowen boosted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Evercore ISI reduced their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Finally, Barclays started coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and an average price target of $63.22.

Avidity Biosciences Stock Performance

The company has a market capitalization of $5.96 billion, a price-to-earnings ratio of -17.35 and a beta of 0.91. The business has a 50 day moving average price of $45.04 and a 200-day moving average price of $40.01.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. As a group, equities analysts predict that Avidity Biosciences, Inc. will post -2.91 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Teresa Mccarthy sold 13,153 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the transaction, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. This represents a 16.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $46.63, for a total value of $233,150.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $691,522.90. This trade represents a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 127,543 shares of company stock valued at $5,782,042. 3.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the company. Fred Alger Management LLC grew its position in shares of Avidity Biosciences by 10.8% in the third quarter. Fred Alger Management LLC now owns 17,320 shares of the biotechnology company’s stock valued at $796,000 after purchasing an additional 1,695 shares in the last quarter. Verition Fund Management LLC lifted its stake in shares of Avidity Biosciences by 175.7% in the 3rd quarter. Verition Fund Management LLC now owns 20,416 shares of the biotechnology company’s stock valued at $938,000 after acquiring an additional 13,011 shares during the last quarter. PEAK6 Investments LLC lifted its stake in shares of Avidity Biosciences by 4.9% in the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 343 shares during the last quarter. MetLife Investment Management LLC increased its holdings in Avidity Biosciences by 6.9% during the 3rd quarter. MetLife Investment Management LLC now owns 62,364 shares of the biotechnology company’s stock valued at $2,864,000 after purchasing an additional 4,017 shares during the period. Finally, Advantage Alpha Capital Partners LP purchased a new position in Avidity Biosciences during the 3rd quarter valued at about $471,000.

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.