Avidity Biosciences (NASDAQ:RNA) Trading Down 4.6%

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price fell 4.6% during mid-day trading on Monday . The company traded as low as $44.40 and last traded at $44.78. 43,088 shares traded hands during trading, a decline of 97% from the average session volume of 1,312,630 shares. The stock had previously closed at $46.95.

Analyst Ratings Changes

RNA has been the topic of several research reports. Chardan Capital raised their price target on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a report on Friday. Needham & Company LLC reissued a “buy” rating and set a $35.00 target price on shares of Avidity Biosciences in a research report on Monday, June 10th. Evercore ISI raised their price target on shares of Avidity Biosciences from $45.00 to $54.00 and gave the company an “outperform” rating in a report on Monday. Finally, Bank of America lifted their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $50.67.

Avidity Biosciences Stock Down 1.2 %

The firm has a market cap of $4.43 billion, a P/E ratio of -14.80 and a beta of 0.90. The business’s 50 day moving average is $40.05 and its 200-day moving average is $28.18.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.02. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. The business had revenue of $3.54 million for the quarter, compared to analyst estimates of $7.09 million. As a group, equities analysts predict that Avidity Biosciences, Inc. will post -3.15 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $29.90, for a total transaction of $149,500.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $443,417. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $27.42, for a total transaction of $767,760.00. Following the completion of the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at approximately $3,074,248.14. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $29.90, for a total transaction of $149,500.00. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $443,417. The disclosure for this sale can be found here. Insiders sold a total of 482,478 shares of company stock valued at $17,491,990 over the last three months. 3.68% of the stock is owned by insiders.

Institutional Trading of Avidity Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in RNA. Raymond James & Associates lifted its position in Avidity Biosciences by 39.3% in the 4th quarter. Raymond James & Associates now owns 129,921 shares of the biotechnology company’s stock valued at $1,176,000 after purchasing an additional 36,666 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Avidity Biosciences by 149.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company’s stock valued at $784,000 after buying an additional 51,839 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Avidity Biosciences by 301.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 166,019 shares of the biotechnology company’s stock worth $1,502,000 after buying an additional 124,633 shares during the period. Nisa Investment Advisors LLC grew its holdings in Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after buying an additional 3,180 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its position in Avidity Biosciences by 11.4% in the 4th quarter. Mutual of America Capital Management LLC now owns 149,202 shares of the biotechnology company’s stock valued at $1,350,000 after acquiring an additional 15,245 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.