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

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price for the company. HC Wainwright initiated coverage on shares of Avidity Biosciences in a research note on Friday, December 20th. They issued a “buy” rating and a $72.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, TD Cowen raised their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences currently has an average rating of “Buy” and a consensus price target of $64.36.

Avidity Biosciences Stock Down 3.9 %

The company has a market cap of $3.45 billion, a P/E ratio of -10.05 and a beta of 0.89. The firm’s 50 day moving average is $40.66 and its two-hundred day moving average is $42.41.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million during 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%. As a group, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Activity

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,855 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the transaction, the chief executive officer now directly owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. This trade represents a 10.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 3,323 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $624,639.60. The trade was a 18.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 193,071 shares of company stock worth $7,474,724. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently modified their holdings of the business. Lord Abbett & CO. LLC grew its position in Avidity Biosciences by 30.1% during the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock valued at $24,766,000 after buying an additional 124,867 shares during the period. Franklin Resources Inc. grew its position in shares of Avidity Biosciences by 229.9% during the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock valued at $3,412,000 after acquiring an additional 50,908 shares during the period. Tidal Investments LLC purchased a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $407,000. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Avidity Biosciences by 43.6% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 29,965 shares of the biotechnology company’s stock worth $1,376,000 after purchasing an additional 9,098 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in Avidity Biosciences in the third quarter valued at approximately $762,000.

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.