Avidity Biosciences (NASDAQ:RNA) Stock Price Down 2.9%

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) fell 2.9% on Wednesday . The stock traded as low as $37.13 and last traded at $37.68. 314,900 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 1,333,190 shares. The stock had previously closed at $38.80.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Evercore ISI boosted their price target on Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 12th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a report on Monday, June 10th. Chardan Capital upped their target price on Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Cantor Fitzgerald initiated coverage on Avidity Biosciences in a research note on Thursday, March 14th. They issued an “overweight” rating and a $60.00 target price on the stock. Finally, Bank of America increased their price target on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and an average target price of $44.29.

Avidity Biosciences Stock Performance

The firm has a 50-day moving average price of $30.66 and a 200 day moving average price of $21.55.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) EPS for the quarter, topping the consensus estimate of ($0.81) by $0.02. The business had revenue of $3.54 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -3.15 EPS for the current year.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the sale, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $338,420.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Sarah Boyce sold 164,233 shares of Avidity Biosciences stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.08, for a total transaction of $6,582,458.64. Following the sale, the chief executive officer now owns 112,117 shares in the company, valued at $4,493,649.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $22.82, for a total value of $114,100.00. Following the sale, the director now owns 14,830 shares in the company, valued at approximately $338,420.60. The disclosure for this sale can be found here. Insiders sold 454,478 shares of company stock valued at $15,764,320 in the last ninety days. Insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 3,180 shares during the period. Quadrant Capital Group LLC increased its position in Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after acquiring an additional 2,714 shares during the period. China Universal Asset Management Co. Ltd. increased its position in Avidity Biosciences by 352.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after acquiring an additional 6,675 shares during the period. Daiwa Securities Group Inc. increased its position in Avidity Biosciences by 43.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock valued at $95,000 after acquiring an additional 3,182 shares during the period. Finally, Privium Fund Management B.V. acquired a new position in Avidity Biosciences in the 1st quarter valued at about $205,000.

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.