Avidity Biosciences Inc (RNA) expanding its growth trajectory ahead

Avidity Biosciences Inc (NASDAQ: RNA) stock jumped 7.42% on Friday to $6.37 against a previous-day closing price of $5.93. With 0.54 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.79 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $6.43 whereas the lowest price it dropped to was $6.02. The 52-week range on RNA shows that it touched its highest point at $25.74 and its lowest point at $4.82 during that stretch. It currently has a 1-year price target of $39.40. Beta for the stock currently stands at 0.20.

Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RNA was up-trending over the past week, with a rise of 16.24%, but this was up by 15.40% over a month. Three-month performance dropped to -22.32% while six-month performance fell -41.13%. The stock lost -49.76% in the past year, while it has lost -71.29% so far this year. A look at the trailing 12-month EPS for RNA yields -2.99 with Next year EPS estimates of -3.58. For the next quarter, that number is -0.79. This implies an EPS growth rate of 13.07% for this year and -23.42% for next year.

Float and Shares Shorts:

At present, 74.10 million RNA shares are outstanding with a float of 71.04 million shares on hand for trading. On Oct 30, 2023, short shares totaled 11.6 million, which was 15.66% higher than short shares on Sep 28, 2023. In addition to Dr. Troy Edward Wilson J.D., Ph.D. as the firm’s Co-Founder & Chairman, Ms. Sarah Boyce serves as its President, CEO & Director.

Institutional Ownership:

Other institutions hold 8.22% of RNA, in contrast to 63.78% held by mutual funds. Shares owned by individuals account for 44.56%. As the largest shareholder in RNA with 13.64% of the stake, Fidelity Management & Research Co holds 10,106,608 shares worth 10,106,608. A second-largest stockholder of RNA, RTW Investments LP, holds 6,689,789 shares, controlling over 9.03% of the firm’s shares. T. Rowe Price Associates, Inc. is the third largest shareholder in RNA, holding 6,516,564 shares or 8.80% stake. With a 4.53% stake in RNA, the T Rowe Price New Horizons Fund is the largest stakeholder. A total of 3,355,873 shares are owned by the mutual fund manager. The SPDR S&P Biotech ETF, which owns about 3.86% of RNA stock, is the second-largest Mutual Fund holder. It holds 2,862,230 shares valued at 14.74 million. Vanguard Total Stock Market ETF holds 3.12% of the stake in RNA, owning 2,312,947 shares worth 11.91 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RNA since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With RNA analysts setting a high price target of $71.00 and a low target of $18.00, the average target price over the next 12 months is $39.40. Based on these targets, RNA could surge 1014.6% to reach the target high and rise by 182.57% to reach the target low. Reaching the average price target will result in a growth of 518.52% from current levels.

Summary of Insider Activity:

Insiders traded RNA stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 12 while that of sell transactions has risen to 8 over the past year. The total number of shares bought during that period was 256,600 while 110,100 shares were sold.