Avidity Biosciences (NASDAQ:RNA) Stock Price Down 7.9% – Should You Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s stock price was down 7.9% during mid-day trading on Tuesday . The company traded as low as $31.27 and last traded at $31.16. Approximately 691,003 shares changed hands during trading, a decline of 47% from the average daily volume of 1,312,519 shares. The stock had previously closed at $33.83.

Analysts Set New Price Targets

Several equities research analysts have weighed in on RNA shares. Scotiabank initiated coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 target price for the company. BMO Capital Markets initiated coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a report on Monday. Bank of America decreased their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Monday. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Trading Down 2.8 %

The company has a market cap of $3.71 billion, a P/E ratio of -10.70 and a beta of 1.02. The business’s fifty day moving average is $31.06 and its 200 day moving average is $37.63.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Teresa Mccarthy sold 2,959 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the transaction, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the transaction, the insider now owns 50,554 shares of the company’s stock, valued at $1,625,816.64. This represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,390 shares of company stock valued at $718,303. 3.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences during the 3rd quarter valued at $27,000. TD Waterhouse Canada Inc. grew its position in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at $38,000. Quest Partners LLC grew its position in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Avidity Biosciences during the 4th quarter worth $60,000.

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.