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

Avidity Biosciences, Inc. (NASDAQ:RNA) shares were down 2.9% during mid-day trading on Wednesday . The company traded as low as $37.13 and last traded at $37.68. Approximately 314,900 shares changed hands during trading, a decline of 76% from the average daily volume of 1,333,190 shares. The stock had previously closed at $38.80.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RNA shares. Chardan Capital raised their target price on Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Cantor Fitzgerald started coverage on Avidity Biosciences in a report on Thursday, March 14th. They set an “overweight” rating and a $60.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a report on Monday, June 10th. Evercore ISI lifted their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, June 12th. Finally, Bank of America lifted their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $44.29.

Avidity Biosciences Stock Performance

The firm has a market cap of $3.56 billion, a price-to-earnings ratio of -12.61 and a beta of 0.90. The stock has a 50-day moving average of $31.17 and a 200-day moving average of $21.77.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, topping 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%. Sell-side analysts predict that Avidity Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $37.59, for a total transaction of $187,950.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $557,459.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $37.59, for a total transaction of $187,950.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $557,459.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total value of $715,120.00. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at $2,863,468.18. The disclosure for this sale can be found here. Insiders have sold 454,478 shares of company stock valued at $15,764,320 in the last 90 days. 3.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System increased its holdings in shares of Avidity Biosciences by 4.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock worth $541,000 after acquiring an additional 920 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Avidity Biosciences by 1.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company’s stock worth $546,000 after acquiring an additional 1,030 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Avidity Biosciences by 2.5% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock worth $1,862,000 after acquiring an additional 1,777 shares during the last quarter. ProShare Advisors LLC boosted its stake in Avidity Biosciences by 11.2% in the 1st quarter. ProShare Advisors LLC now owns 18,878 shares of the biotechnology company’s stock valued at $482,000 after purchasing an additional 1,898 shares during the period. Finally, Alps Advisors Inc. boosted its stake in Avidity Biosciences by 5.1% in the 3rd quarter. Alps Advisors Inc. now owns 54,730 shares of the biotechnology company’s stock valued at $349,000 after purchasing an additional 2,674 shares during the period.

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.