Avidity Biosciences (NASDAQ:RNA) Trading Down 7.8% – Here’s Why

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price fell 7.8% during trading on Friday . The stock traded as low as $45.50 and last traded at $46.06. 285,820 shares were traded during trading, a decline of 78% from the average session volume of 1,312,644 shares. The stock had previously closed at $49.97.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Barclays assumed 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 for the company. Evercore ISI decreased their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday. Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday. Finally, TD Cowen boosted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and a consensus price target of $63.22.

Avidity Biosciences Trading Down 15.6 %

The company has a market cap of $5.03 billion, a price-to-earnings ratio of -14.65 and a beta of 0.91. The business has a fifty day moving average price of $45.26 and a two-hundred day moving average price of $40.31.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (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 during the quarter, compared to the consensus estimate of $7.09 million. On average, analysts anticipate that Avidity Biosciences, Inc. will post -2.85 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $46.63, for a total transaction of $233,150.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $691,522.90. This represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Teresa Mccarthy sold 13,153 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. This represents a 16.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,543 shares of company stock worth $5,782,042 over the last 90 days. 3.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Avidity Biosciences

Several large investors have recently modified their holdings of RNA. FMR LLC boosted its stake in Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after purchasing an additional 689,729 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Avidity Biosciences by 7.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock valued at $189,592,000 after acquiring an additional 516,446 shares during the period. Wellington Management Group LLP grew its stake in shares of Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after acquiring an additional 3,228,923 shares during the last quarter. Avoro Capital Advisors LLC increased its position in Avidity Biosciences by 11.7% during the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after acquiring an additional 680,000 shares during the period. Finally, RA Capital Management L.P. raised its stake in Avidity Biosciences by 16.7% during the 3rd 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.

Avidity Biosciences Company Profile

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.