Avidity Biosciences (NASDAQ:RNA) Stock Price Down 7.8% – Here’s What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA) shares were down 7.8% during mid-day trading on Friday . The company traded as low as $45.50 and last traded at $46.06. Approximately 285,820 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 1,312,644 shares. The stock had previously closed at $49.97.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Evercore ISI decreased their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price for the company. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $63.22.

Avidity Biosciences Price Performance

The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of -15.98 and a beta of 0.91. The company’s 50-day moving average price is $45.23 and its two-hundred day moving average price is $40.08.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.85 EPS for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at $678,175.90. The trade was a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the transaction, the insider now owns 69,018 shares of the company’s stock, valued at $3,036,792. This trade represents a 16.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 127,543 shares of company stock valued at $5,782,042 in the last quarter. 3.68% of the stock is currently owned by company insiders.

Institutional Trading of Avidity Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of RNA. PEAK6 Investments LLC grew its position in shares of Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 343 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after buying an additional 405 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Avidity Biosciences in the third quarter worth $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences in the third quarter valued at $32,000. Finally, nVerses Capital LLC boosted its holdings in shares of Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 700 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.