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

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

Analyst Ratings Changes

A number of research analysts recently commented on RNA shares. Needham & Company LLC reiterated a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a research note on Monday, June 10th. Bank of America raised their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Evercore ISI raised their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, June 12th. Chardan Capital raised their price objective on shares of Avidity Biosciences from $33.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. Finally, Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 14th. They set an “overweight” rating and a $60.00 target price for the company. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $44.29.

Avidity Biosciences Trading Down 4.1 %

The stock’s fifty day moving average is $30.66 and its two-hundred day moving average is $21.55.

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

Insider Transactions at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $22.82, for a total transaction of $114,100.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $338,420.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $22.82, for a total transaction of $114,100.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $338,420.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $25.54, for a total value of $715,120.00. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at $2,863,468.18. The disclosure for this sale can be found here. Insiders sold a total of 454,478 shares of company stock valued at $15,764,320 over the last quarter. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System increased its position in Avidity Biosciences by 4.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock worth $541,000 after purchasing an additional 920 shares during the last quarter. Los Angeles Capital Management LLC increased its position in Avidity Biosciences by 1.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company’s stock worth $546,000 after purchasing an additional 1,030 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Avidity Biosciences by 2.5% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock worth $1,862,000 after acquiring an additional 1,777 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Avidity Biosciences by 11.2% during the 1st quarter. ProShare Advisors LLC now owns 18,878 shares of the biotechnology company’s stock worth $482,000 after acquiring an additional 1,898 shares in the last quarter. Finally, Alps Advisors Inc. boosted its stake in shares of Avidity Biosciences by 5.1% during the 3rd quarter. Alps Advisors Inc. now owns 54,730 shares of the biotechnology company’s stock worth $349,000 after acquiring an additional 2,674 shares in the last quarter.

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.