Avidity Biosciences (NASDAQ:RNA) Shares Down 7% – Time to Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA) shares dropped 7% during trading on Wednesday . The stock traded as low as $31.77 and last traded at $31.44. Approximately 123,174 shares changed hands during trading, a decline of 91% from the average daily volume of 1,329,084 shares. The stock had previously closed at $33.79.

Wall Street Analysts Forecast Growth

RNA has been the subject of several research reports. TD Cowen upped their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Friday, January 10th. Finally, Chardan Capital reissued a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and an average target price of $65.80.

Avidity Biosciences Trading Down 7.8 %

The stock’s 50 day moving average price is $31.84 and its two-hundred day moving average price is $39.98. The firm has a market capitalization of $3.72 billion, a price-to-earnings ratio of -10.79 and a beta of 1.00.

Insider Buying and Selling at Avidity Biosciences

In related news, CFO Michael F. Maclean sold 3,287 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the sale, the chief financial officer now owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This represents a 3.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares of the company’s stock, valued at $1,625,816.64. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 157,461 shares of company stock valued at $5,397,477. Corporate insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of RNA. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences during the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Avidity Biosciences in the 3rd quarter worth $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences in the third quarter valued at $32,000. Van ECK Associates Corp purchased a new stake in Avidity Biosciences during the fourth quarter valued at about $38,000. Finally, Quest Partners LLC increased its stake in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 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.