Avidity Biosciences (NASDAQ:RNA) Stock Price Down 7% - Here's Why

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) dropped 7% during mid-day trading on Wednesday . The stock traded as low as $31.77 and last traded at $31.44. Approximately 123,174 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 1,329,084 shares. The stock had previously closed at $33.79.

Analyst Ratings Changes

A number of brokerages recently weighed in on RNA. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. TD Cowen boosted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a report on Monday, October 21st. HC Wainwright reissued a "buy" rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Friday, January 10th. Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Chardan Capital reissued a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and an average target price of $65.80.

Avidity Biosciences Stock Performance

The business's 50-day simple moving average is $31.52 and its 200 day simple moving average is $39.74.

Insider Activity

In other news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the completion of the sale, the insider now owns 94,018 shares of the company's stock, valued at approximately $3,867,900.52. This represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 31,855 shares of the firm's stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the sale, the chief executive officer now directly owns 265,308 shares of the company's stock, valued at $8,664,959.28. The trade was a 10.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 157,461 shares of company stock valued at $5,397,477. 3.68% of the stock is currently owned by company insiders.

Institutional Trading of Avidity Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNA. National Bank of Canada FI bought a new stake in Avidity Biosciences in the 3rd quarter worth about $27,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences during the 3rd quarter valued at about $30,000. Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences during the 3rd quarter valued at about $32,000. TD Waterhouse Canada Inc. grew its stake in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 866 shares during the period. Finally, Van ECK Associates Corp bought a new stake in shares of Avidity Biosciences during the 4th quarter valued at about $38,000.

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.