Stock Traders Buy Large Volume of Avidity Biosciences Put Options (NASDAQ:RNA)

Avidity Biosciences, Inc. (NASDAQ:RNA) saw unusually large options trading on Wednesday. Stock traders bought 7,058 put options on the company. This represents an increase of 1,411% compared to the average volume of 467 put options.

Avidity Biosciences Price Performance

RNA opened at $34.22 on Thursday. Avidity Biosciences has a 12-month low of $21.51 and a 12-month high of $56.00. The stock has a market capitalization of $4.12 billion, a PE ratio of -11.88 and a beta of 1.00. The firm’s fifty day moving average price is $29.12 and its 200 day moving average price is $31.65.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. On average, equities research analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Scotiabank assumed coverage on Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Bank of America dropped their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, May 7th. Finally, BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and a consensus price target of $66.38.

Insider Transactions at Avidity Biosciences

In related news, insider Steven George Hughes sold 9,578 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the sale, the insider now owns 72,850 shares of the company’s stock, valued at approximately $2,262,721. This represents a 11.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $32.48, for a total transaction of $190,820.00. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at approximately $1,641,993.92. This trade represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,678 shares of company stock worth $2,068,257 in the last three months. 3.83% of the stock is currently owned by company insiders.

Institutional Trading of Avidity Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of RNA. Y Intercept Hong Kong Ltd bought a new position in Avidity Biosciences during the 4th quarter worth approximately $386,000. Vanguard Group Inc. lifted its holdings in Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after buying an additional 205,027 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Avidity Biosciences by 19.5% during the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company’s stock worth $10,557,000 after buying an additional 59,295 shares during the last quarter. Raymond James Financial Inc. bought a new position in Avidity Biosciences during the 4th quarter worth approximately $5,784,000. Finally, abrdn plc lifted its holdings in Avidity Biosciences by 80.8% during the 4th quarter. abrdn plc now owns 44,912 shares of the biotechnology company’s stock worth $1,306,000 after buying an additional 20,076 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.