Avidity Biosciences (NASDAQ:RNA) Trading Down 7.9% - What's Next?

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) were down 7.9% during mid-day trading on Tuesday . The stock 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RNA shares. Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Scotiabank began coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price for the company. Barclays reduced their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. BMO Capital Markets began coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price for the company. Finally, HC Wainwright restated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Stock Up 0.0 %

The stock has a market cap of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02. The business's 50 day simple moving average is $31.11 and its 200 day simple moving average is $37.49.

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

Insider Transactions at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 2,959 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares of the company's stock, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael F. Maclean sold 7,935 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at approximately $3,004,123.20. This represents a 7.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 73,443 shares of company stock worth $2,241,889. 3.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently bought and sold shares of RNA. Wellington Management Group LLP increased its position in Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock worth $322,931,000 after acquiring an additional 3,228,923 shares during the period. Janus Henderson Group PLC increased its position in Avidity Biosciences by 44.1% during the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after acquiring an additional 2,156,844 shares during the period. Boxer Capital Management LLC bought a new position in Avidity Biosciences in the 4th quarter valued at about $50,232,000. State Street Corp increased its holdings in Avidity Biosciences by 41.7% in the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock valued at $216,151,000 after buying an additional 1,386,087 shares during the period. Finally, RA Capital Management L.P. increased its holdings in Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock valued at $289,378,000 after buying an additional 900,000 shares during the period.

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.