Avidity Biosciences (NASDAQ:RNA) Trading 4.7% Higher

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price was up 4.7% on Tuesday . The company traded as high as $7.29 and last traded at $7.29. Approximately 194,608 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,052,578 shares. The stock had previously closed at $6.96.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RNA shares. Needham & Company LLC reiterated a “buy” rating and set a $35.00 price target on shares of Avidity Biosciences in a research report on Wednesday, August 9th. Credit Suisse Group reiterated an “outperform” rating and set a $30.00 target price on shares of Avidity Biosciences in a research report on Wednesday, August 9th. Evercore ISI raised Avidity Biosciences from an “in-line” rating to an “outperform” rating and set a $20.00 price objective for the company in a research note on Monday, May 22nd. Finally, Chardan Capital cut their target price on Avidity Biosciences from $27.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, August 9th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average price target of $38.17.

Avidity Biosciences Stock Up 4.3 %

The company’s fifty day simple moving average is $8.71 and its 200 day simple moving average is $12.31. The stock has a market capitalization of $537.97 million, a price-to-earnings ratio of -2.36 and a beta of -0.03.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Tuesday, August 8th. The biotechnology company reported ($0.66) EPS for the quarter, beating the consensus estimate of ($0.84) by $0.18. The company had revenue of $2.32 million for the quarter, compared to the consensus estimate of $2.09 million. Avidity Biosciences had a negative return on equity of 37.33% and a negative net margin of 1,974.38%. As a group, analysts anticipate that Avidity Biosciences, Inc. will post -2.93 earnings per share for the current year.

Institutional Trading of Avidity Biosciences

A number of institutional investors have recently modified their holdings of the stock. MetLife Investment Management LLC increased its stake in Avidity Biosciences by 58.5% in the first quarter. MetLife Investment Management LLC now owns 19,404 shares of the biotechnology company’s stock valued at $358,000 after acquiring an additional 7,161 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Avidity Biosciences by 4.4% in the 1st quarter. Rhumbline Advisers now owns 46,130 shares of the biotechnology company’s stock valued at $852,000 after purchasing an additional 1,932 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Avidity Biosciences by 86.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 372,752 shares of the biotechnology company’s stock worth $6,884,000 after buying an additional 173,365 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Avidity Biosciences by 14.7% during the 1st quarter. Vanguard Group Inc. now owns 2,298,363 shares of the biotechnology company’s stock worth $42,451,000 after buying an additional 294,791 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Avidity Biosciences by 2.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 299,802 shares of the biotechnology company’s stock valued at $5,538,000 after buying an additional 8,461 shares in the last quarter.

Avidity Biosciences Company Profile

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 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease is under phase 1/2 clinical trial.