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

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price dropped 2.9% during mid-day trading on Wednesday . The stock traded as low as $37.13 and last traded at $37.68. Approximately 314,900 shares traded hands during mid-day 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 firms have recently weighed in on RNA. Chardan Capital raised their target price on Avidity Biosciences from $33.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, June 12th. Evercore ISI lifted their target price on Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, June 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 target price on shares of Avidity Biosciences in a research report on Monday, June 10th. Cantor Fitzgerald assumed coverage on Avidity Biosciences in a research report on Thursday, March 14th. They set an “overweight” rating and a $60.00 target price on the stock. Finally, Bank of America lifted their target price on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus price target of $44.29.

Avidity Biosciences Price Performance

The stock has a fifty day moving average of $31.17 and a 200 day moving average of $21.77. The firm has a market capitalization of $3.56 billion, a P/E ratio of -12.61 and a beta of 0.90.

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

Insider Buying and Selling at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the business’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 sale, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Arthur A. Levin sold 5,000 shares of the business’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 sale, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 40,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $35.07, for a total value of $1,402,800.00. Following the sale, the director now owns 213,872 shares in the company, valued at $7,500,491.04. The disclosure for this sale can be found here. Insiders have sold a total of 454,478 shares of company stock worth $15,764,320 over the last ninety days. 3.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Board of Administration of Florida Retirement System grew its position in Avidity Biosciences by 4.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock worth $541,000 after buying an additional 920 shares in the last quarter. Los Angeles Capital Management LLC grew its position in Avidity Biosciences by 1.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company’s stock worth $546,000 after buying an additional 1,030 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Avidity Biosciences by 2.5% in the 1st 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 in the last quarter. ProShare Advisors LLC boosted its holdings in shares of Avidity Biosciences by 11.2% in the 1st quarter. ProShare Advisors LLC now owns 18,878 shares of the biotechnology company’s stock worth $482,000 after purchasing an additional 1,898 shares in the last quarter. Finally, Alps Advisors Inc. boosted its holdings in shares of Avidity Biosciences by 5.1% in the 3rd quarter. Alps Advisors Inc. now owns 54,730 shares of the biotechnology company’s stock worth $349,000 after purchasing an additional 2,674 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.