Avidity Biosciences (NASDAQ:RNA) Shares Gap Down – Here’s What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $33.39, but opened at $32.55. Avidity Biosciences shares last traded at $33.70, with a volume of 31,080 shares traded.

Wall Street Analysts Forecast Growth

RNA has been the topic of several recent research reports. Evercore ISI reduced their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Royal Bank of Canada initiated coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 target price for the company. Chardan Capital reissued a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and an average price target of $63.60.

Avidity Biosciences Trading Down 6.2 %

The stock has a market capitalization of $3.66 billion, a P/E ratio of -10.66 and a beta of 0.89. The stock’s 50 day simple moving average is $42.93 and its 200 day simple moving average is $42.19.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. The business had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Activity

In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $691,522.90. The trade was a 25.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the sale, the chief executive officer now owns 234,663 shares in the company, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 194,866 shares of company stock worth $8,185,887. 3.68% of the stock is currently owned by insiders.

Institutional Trading of Avidity Biosciences

Hedge funds have recently made changes to their positions in the stock. FMR LLC raised its holdings in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after buying an additional 689,729 shares during the last quarter. Wellington Management Group LLP increased its position in Avidity Biosciences by 84.9% in the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after acquiring an additional 3,228,923 shares during the period. Avoro Capital Advisors LLC raised its stake in Avidity Biosciences by 11.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after acquiring an additional 680,000 shares in the last quarter. RA Capital Management L.P. boosted its position 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 worth $289,378,000 after acquiring an additional 900,000 shares during the period. Finally, Janus Henderson Group PLC grew its stake in shares of Avidity Biosciences by 33.9% in the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after purchasing an additional 1,239,323 shares in 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.