Avidity Biosciences (NASDAQ:RNA) Trading Down 4.3%

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) traded down 4.3% on Tuesday . The stock traded as low as $26.07 and last traded at $26.27. 447,285 shares were traded during mid-day trading, a decline of 60% from the average session volume of 1,124,135 shares. The stock had previously closed at $27.45.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Cantor Fitzgerald assumed coverage on Avidity Biosciences in a research note on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target for the company. Bank of America started coverage on Avidity Biosciences in a research note on Friday, May 3rd. They issued a “buy” rating and a $40.00 price target for the company. Chardan Capital reiterated a “buy” rating and set a $33.00 price objective on shares of Avidity Biosciences in a research report on Friday, May 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a research report on Friday, May 10th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and an average target price of $41.33.

Avidity Biosciences Price Performance

The business has a 50-day simple moving average of $25.76 and a 200 day simple moving average of $16.79.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly 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 business had revenue of $3.54 million during 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%. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -3.1 EPS for the current year.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 27,641 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total value of $608,931.23. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at $326,704.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was 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 owns 14,830 shares of the company’s stock, valued at $443,417. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 27,641 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total value of $608,931.23. Following the completion of the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $326,704.90. The disclosure for this sale can be found here. Insiders sold a total of 312,641 shares of company stock worth $7,662,051 over the last quarter. 3.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its stake in Avidity Biosciences by 15,900.0% during the fourth 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 during the last quarter. Quadrant Capital Group LLC boosted its stake in 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 buying an additional 2,714 shares during the last quarter. Privium Fund Management B.V. bought a new position in Avidity Biosciences during the first quarter valued at approximately $205,000. China Universal Asset Management Co. Ltd. boosted its stake in Avidity Biosciences by 352.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after buying an additional 6,675 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in Avidity Biosciences during the first quarter valued at approximately $221,000.

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.