Avidity Biosciences (NASDAQ:RNA) Trading Down 7% – What’s Next?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price fell 7% on Monday . The company traded as low as $28.80 and last traded at $29.40. 263,619 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 1,334,923 shares. The stock had previously closed at $31.60.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RNA shares. BMO Capital Markets started coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target for the company. Bank of America lowered their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Citigroup assumed coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price for the company. Scotiabank started coverage on Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Price Performance

The stock has a market cap of $3.51 billion, a PE ratio of -10.17 and a beta of 1.02. The business has a fifty day moving average of $31.53 and a 200-day moving average of $37.14.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Buying and Selling

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares of the company’s stock, valued at approximately $9,500,353.26. This trade represents a 9.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the transaction, the insider now directly owns 104,908 shares of the company’s stock, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 73,443 shares of company stock valued at $2,241,889 over the last three months. 3.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of Avidity Biosciences during the fourth quarter valued at $386,000. Lord Abbett & CO. LLC raised its holdings in shares of Avidity Biosciences by 30.1% during the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after purchasing an additional 124,867 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Avidity Biosciences by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock valued at $45,479,000 after purchasing an additional 197,065 shares during the period. RA Capital Management L.P. boosted its holdings in Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after purchasing an additional 900,000 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Avidity Biosciences during the 3rd quarter worth about $762,000.

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.