Avidity Biosciences (NASDAQ:RNA) Shares Gap Down - What's Next?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $24.08, but opened at $23.09. Avidity Biosciences shares last traded at $22.29, with a volume of 176,001 shares.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. BMO Capital Markets began coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target on the stock. Bank of America reduced their price objective on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Citigroup initiated coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price on the stock. Finally, Barclays reduced their price target 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. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has a consensus rating of "Buy" and a consensus target price of $66.69.

Avidity Biosciences Stock Performance

The business's 50 day moving average price is $30.31 and its two-hundred day moving average price is $35.74. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -9.34 and a beta of 1.01.

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

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 10,397 shares of the company's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $297,250.23. Following the transaction, the chief executive officer now owns 337,411 shares of the company's stock, valued at approximately $9,646,580.49. This represents a 2.99 % decrease in their ownership of the stock. 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 the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the sale, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,406,917.82. This represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,318 shares of company stock valued at $2,405,390 over the last 90 days. 3.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently modified their holdings of the stock. National Bank of Canada FI purchased a new position in Avidity Biosciences in the 3rd quarter worth about $27,000. TD Waterhouse Canada Inc. increased its position in shares of Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences in the fourth quarter worth approximately $38,000. Parallel Advisors LLC raised its holdings in shares of Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 515 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $60,000.

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.