Avidity Biosciences (NASDAQ:RNA) Stock Price Down 7.8% – Should You Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price was down 7.8% on Friday . The company traded as low as $45.50 and last traded at $46.06. Approximately 285,820 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 1,312,644 shares. The stock had previously closed at $49.97.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on RNA shares. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Barclays started coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Finally, Chardan Capital restated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $63.22.

Avidity Biosciences Stock Down 15.6 %

The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of -14.65 and a beta of 0.91. The company’s 50 day moving average is $45.26 and its 200 day moving average is $40.31.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. On average, analysts expect that Avidity Biosciences, Inc. will post -2.85 EPS for the current year.

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael F. Maclean sold 11,510 shares of Avidity Biosciences stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $506,440.00. Following the transaction, the chief financial officer now directly owns 96,355 shares in the company, valued at $4,239,620. The trade was a 10.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 127,543 shares of company stock valued at $5,782,042. 3.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RNA. National Bank of Canada FI bought a new position in shares of Avidity Biosciences in the third quarter valued at $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences in the third quarter worth approximately $30,000. Values First Advisors Inc. bought a new position in shares of Avidity Biosciences in the third quarter valued at approximately $32,000. Quarry LP boosted its position in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC grew its holdings 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 buying an additional 1,392 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.