Avidity Biosciences (NASDAQ:RNA) Shares Down 5.2% – Here’s Why

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) were down 5.2% during mid-day trading on Monday . The company traded as low as $47.64 and last traded at $47.82. Approximately 82,441 shares changed hands during trading, a decline of 94% from the average daily volume of 1,338,267 shares. The stock had previously closed at $50.45.

Wall Street Analyst Weigh In

Several brokerages have commented on RNA. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. Evercore ISI reduced their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Chardan Capital raised their price target on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and an average target price of $60.75.

Avidity Biosciences Stock Performance

The company has a market cap of $4.46 billion, a P/E ratio of -15.78 and a beta of 0.89. The stock has a 50 day moving average price of $44.33 and a 200 day moving average price of $37.40.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.11. The company had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $45.19, for a total transaction of $225,950.00. Following the sale, the director now owns 14,830 shares of the company’s stock, valued at $670,167.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the sale, the chief executive officer now directly owns 205,043 shares in the company, valued at $8,888,614.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at $670,167.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 150,543 shares of company stock valued at $6,762,692 in the last 90 days. 3.68% of the stock is owned by corporate insiders.

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in shares of Avidity Biosciences by 17.4% in the fourth quarter. Wellington Management Group LLP now owns 291,218 shares of the biotechnology company’s stock valued at $2,636,000 after buying an additional 43,147 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in Avidity Biosciences by 2.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock worth $1,862,000 after purchasing an additional 1,777 shares during the period. Privium Fund Management B.V. purchased a new stake in shares of Avidity Biosciences during the first quarter worth $205,000. Janney Montgomery Scott LLC purchased a new stake in shares of Avidity Biosciences in the first quarter worth about $221,000. Finally, Swiss National Bank grew its position in shares of Avidity Biosciences by 20.5% during the 1st quarter. Swiss National Bank now owns 140,800 shares of the biotechnology company’s stock valued at $3,593,000 after purchasing an additional 24,000 shares in 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.