Avidity Biosciences (NASDAQ:RNA) Shares Down 4.6%

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Bank of America boosted their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Chardan Capital increased their target price on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday. Evercore ISI raised their target price on Avidity Biosciences from $45.00 to $54.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a report on Monday, June 10th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $50.67.

Avidity Biosciences Trading Down 1.2 %

The firm has a 50 day moving average of $40.05 and a two-hundred day moving average of $28.18. The company has a market cap of $4.43 billion, a PE ratio of -14.80 and a beta of 0.90.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) EPS for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.02. The firm had revenue of $3.54 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. On average, research analysts forecast that Avidity Biosciences, Inc. will post -3.15 EPS for the current year.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $29.90, for a total value 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $27.42, for a total value 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 $3,074,248.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $29.90, for a total transaction of $149,500.00. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $443,417. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 482,478 shares of company stock valued at $17,491,990. 3.68% of the stock is owned by insiders.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC lifted its stake in shares of Avidity Biosciences by 15,900.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 3,180 shares in the last quarter. Quadrant Capital Group LLC grew its position in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Avidity Biosciences by 43.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock worth $95,000 after purchasing an additional 3,182 shares during the last quarter. nVerses Capital LLC lifted its position in shares of Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after buying an additional 700 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after buying an additional 982 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.