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

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. TD Cowen lifted their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Royal Bank of Canada started coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Chardan Capital reiterated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus price target of $64.36.

Avidity Biosciences Stock Down 3.9 %

The firm has a market capitalization of $3.45 billion, a P/E ratio of -10.05 and a beta of 0.89. The business’s 50-day simple moving average is $40.66 and its 200 day simple moving average is $42.41.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Activity

In related news, Director Tamar Thompson sold 30,000 shares of the firm’s stock in a transaction dated 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction that occurred 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 $8,664,959.28. The trade was a 10.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 193,071 shares of company stock valued at $7,474,724. Insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds have recently made changes to their positions in RNA. National Bank of Canada FI bought a new stake in Avidity Biosciences in the third quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the 3rd quarter valued at approximately $30,000. Values First Advisors Inc. purchased a new position in Avidity Biosciences during the third quarter valued at $32,000. Quarry LP boosted its holdings in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC grew its stake in shares of Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares during 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.