Avidity Biosciences (NASDAQ:RNA) Trading Down 5.5% Following Insider Selling

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price was down 5.5% during trading on Thursday following insider selling activity. The stock traded as low as $43.19 and last traded at $43.24. Approximately 386,814 shares changed hands during trading, a decline of 72% from the average daily volume of 1,359,731 shares. The stock had previously closed at $45.76.

Specifically, Director Tamar Thompson sold 30,000 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $44.98, for a total value of $1,349,400.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RNA. Evercore ISI reduced their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Finally, Chardan Capital increased their price target on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $60.75.

Avidity Biosciences Stock Performance

The firm has a fifty day moving average price of $43.82 and a 200 day moving average price of $36.45. The company has a market cap of $5.12 billion, a price-to-earnings ratio of -15.85 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. On average, analysts expect that Avidity Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently bought and sold shares of the business. Quarry LP boosted its stake in shares of Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares during the period. nVerses Capital LLC boosted its position in Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 700 shares during the period. Amalgamated Bank increased its holdings in shares of Avidity Biosciences by 39.0% in the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Avidity Biosciences by 32.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after acquiring an additional 1,076 shares during the period. Finally, Privium Fund Management B.V. acquired a new stake in Avidity Biosciences during the first quarter worth approximately $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.