Avidity Biosciences (NASDAQ:RNA) Stock Price Down 5.5% After Insider Selling

Avidity Biosciences, Inc. (NASDAQ:RNA) was down 5.5% on Thursday after an insider sold shares in the company. The stock traded as low as $43.19 and last traded at $43.24. Approximately 386,814 shares traded hands during trading, a decline of 72% from the average daily volume of 1,359,731 shares. The stock had previously closed at $45.76.

Specifically, 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 transaction of $1,349,400.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

RNA has been the subject of a number of analyst reports. Chardan Capital increased their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 9th. The Goldman Sachs Group started coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Bank of America increased their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Tuesday, August 13th. Finally, Barclays assumed coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $60.75.

Avidity Biosciences Price Performance

The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of -14.99 and a beta of 0.89. The business has a fifty day moving average price of $43.71 and a two-hundred day moving average price of $36.29.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The company had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. On average, research analysts predict that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RNA. Arizona State Retirement System lifted its holdings in Avidity Biosciences by 2.1% in the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after acquiring an additional 405 shares during the period. nVerses Capital LLC increased its holdings in shares of Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of Avidity Biosciences by 4.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after purchasing an additional 920 shares during the period. Amalgamated Bank boosted its holdings in Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after buying an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after buying an additional 1,076 shares during the period.

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.