Avidity Biosciences (NASDAQ:RNA) Reaches New 52-Week High – Still a Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA) shares hit a new 52-week high on Friday . The stock traded as high as $71.79 and last traded at $71.7350, with a volume of 1183214 shares trading hands. The stock had previously closed at $71.54.

Wall Street Analyst Weigh In

Several analysts have commented on RNA shares. Royal Bank Of Canada reissued a “sector perform” rating and issued a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Chardan Capital reiterated a “neutral” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Tuesday, November 11th. TD Cowen lowered Avidity Biosciences from a “buy” rating to a “hold” rating and cut their target price for the company from $78.00 to $74.00 in a report on Wednesday, October 29th. Leerink Partners reiterated a “market perform” rating and set a $72.00 price target (up previously from $65.00) on shares of Avidity Biosciences in a research note on Monday, October 27th. Finally, HC Wainwright lowered Avidity Biosciences from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $87.00 to $72.00 in a report on Monday, October 27th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Avidity Biosciences presently has an average rating of “Hold” and an average price target of $69.24.

Avidity Biosciences Price Performance

The company has a market capitalization of $10.80 billion, a price-to-earnings ratio of -17.14 and a beta of 0.90. The business has a fifty day moving average price of $60.79 and a 200 day moving average price of $45.42.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The company had revenue of $12.48 million for the quarter, compared to the consensus estimate of $1.80 million. The firm’s quarterly revenue was up 420.8% compared to the same quarter last year. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 20,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $50.15, for a total transaction of $1,003,000.00. Following the sale, the insider directly owned 97,130 shares of the company’s stock, valued at $4,871,069.50. This trade represents a 17.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric Mosbrooker sold 6,562 shares of Avidity Biosciences stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $45.38, for a total value of $297,783.56. Following the sale, the insider directly owned 55,000 shares in the company, valued at $2,495,900. The trade was a 10.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 30,979 shares of company stock worth $1,495,400. Company insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp acquired a new stake in shares of Avidity Biosciences during the 1st quarter valued at about $213,000. Natixis Advisors LLC boosted its holdings in Avidity Biosciences by 3.8% during the first quarter. Natixis Advisors LLC now owns 14,095 shares of the biotechnology company’s stock valued at $416,000 after purchasing an additional 518 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Avidity Biosciences by 9.1% in 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 purchasing an additional 514 shares during the period. Citigroup Inc. raised its holdings in shares of Avidity Biosciences by 98.6% in the 1st quarter. Citigroup Inc. now owns 377,279 shares of the biotechnology company’s stock worth $11,137,000 after buying an additional 187,325 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Avidity Biosciences by 204.1% during the 1st quarter. Invesco Ltd. now owns 288,139 shares of the biotechnology company’s stock worth $8,506,000 after buying an additional 193,376 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.