Avidity Biosciences (NASDAQ:RNA) Trading Up 3.8%

Shares of Avidity Biosciences, Inc. (NASDAQ:RNAGet Rating) rose 3.8% on Wednesday . The stock traded as high as $14.69 and last traded at $14.69. Approximately 23,248 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 302,756 shares. The stock had previously closed at $14.15.

The company has a 50-day simple moving average of $13.68 and a two-hundred day simple moving average of $16.74. The firm has a market cap of $723.06 million, a PE ratio of -4.99 and a beta of 1.35.

Avidity Biosciences (NASDAQ:RNAGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The biotechnology company reported ($0.71) earnings per share for the quarter, topping the consensus estimate of ($0.94) by $0.23. Avidity Biosciences had a negative return on equity of 36.26% and a negative net margin of 1,525.48%. The business had revenue of $1.80 million for the quarter, compared to analysts’ expectations of $1.50 million. On average, equities analysts expect that Avidity Biosciences, Inc. will post -3.07 EPS for the current year.

A number of hedge funds have recently bought and sold shares of RNA. Aaron Wealth Advisors LLC lifted its position in shares of Avidity Biosciences by 1,747.0% during the 1st quarter. Aaron Wealth Advisors LLC now owns 3,984,902 shares of the biotechnology company’s stock valued at $215,750,000 after buying an additional 3,769,152 shares during the last quarter. RA Capital Management L.P. lifted its holdings in Avidity Biosciences by 411.6% during the 1st quarter. RA Capital Management L.P. now owns 2,167,391 shares of the biotechnology company’s stock worth $40,032,000 after purchasing an additional 1,743,775 shares in the last quarter. Deep Track Capital LP purchased a new stake in Avidity Biosciences during the 4th quarter worth about $23,770,000. Vanguard Group Inc. increased its stake in Avidity Biosciences by 14.7% in the 1st quarter. Vanguard Group Inc. now owns 2,298,363 shares of the biotechnology company’s stock worth $42,451,000 after acquiring an additional 294,791 shares during the last quarter. Finally, State Street Corp increased its stake in Avidity Biosciences by 17.5% in the 1st quarter. State Street Corp now owns 1,641,867 shares of the biotechnology company’s stock worth $30,325,000 after acquiring an additional 244,464 shares during the last quarter. 95.12% of the stock is currently owned by institutional investors and hedge funds.

Avidity Biosciences Company Profile (NASDAQ:RNA)

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.

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