Avidity Biosciences (NASDAQ:RNA) Shares Gap Down - Should You Sell?

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) gapped down before the market opened 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RNA. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a "buy" rating and a $59.00 price objective for the company. Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They set an "outperform" rating and a $67.00 price objective for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Needham & Company LLC reissued a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Evercore ISI decreased their target price on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, August 26th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $63.60.

Avidity Biosciences Stock Down 1.9 %

The stock has a 50 day moving average of $43.24 and a 200 day moving average of $42.27. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of -11.37 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts' consensus estimates of ($0.79) by $0.14. The company had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business's stock in a transaction dated Thursday, September 19th. The stock was 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. The trade was a 25.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company's stock, valued at approximately $3,036,792. The trade was a 16.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 174,866 shares of company stock worth $7,583,037 over the last three months. Company insiders own 3.68% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP raised its stake 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 valued at $322,931,000 after buying an additional 3,228,923 shares during the last quarter. State Street Corp grew its holdings in Avidity Biosciences by 41.7% during 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 in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Avidity Biosciences by 33.9% in the 3rd 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 during the period. RA Capital Management L.P. lifted its stake in shares of 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 last quarter. Finally, D. E. Shaw & Co. Inc. increased its stake in shares of Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after buying an additional 707,773 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.