Avidity Biosciences (NASDAQ:RNA) Trading Down 5.4% – Here’s What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price was down 5.4% during mid-day trading on Monday . The company traded as low as $28.36 and last traded at $28.48. Approximately 475,265 shares traded hands during trading, a decline of 64% from the average daily volume of 1,305,174 shares. The stock had previously closed at $30.11.

Analyst Upgrades and Downgrades

RNA has been the subject of a number of research analyst reports. Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target for the company. TD Cowen raised their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $64.36.

Avidity Biosciences Trading Down 0.3 %

The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of -10.10 and a beta of 0.89. The stock has a 50-day simple moving average of $39.94 and a 200 day simple moving average of $42.26.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other news, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the completion of the transaction, the insider now owns 94,018 shares of the company’s stock, valued at approximately $4,561,753.36. This represents a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sarah Boyce sold 31,855 shares of Avidity Biosciences stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30. Following the sale, the chief executive officer now directly owns 265,308 shares in the company, valued at approximately $8,664,959.28. This trade represents a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 193,071 shares of company stock worth $7,474,724. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently bought and sold shares of RNA. PEAK6 Investments LLC boosted its position in shares of Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 343 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after purchasing an additional 405 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth about $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the 3rd quarter valued at about $30,000. Finally, Values First Advisors Inc. acquired a new position in Avidity Biosciences in the third quarter valued at about $32,000.

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.