Avidity Biosciences (NASDAQ:RNA) Shares Down 7.8% - Time to Sell?

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) fell 7.8% during trading on Friday . The company traded as low as $45.50 and last traded at $46.06. 285,820 shares were traded during mid-day trading, a decline of 78% from the average session volume of 1,312,644 shares. The stock had previously closed at $49.97.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RNA. Chardan Capital reaffirmed a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday. Evercore ISI reduced their price objective on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, August 26th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 price target on the stock. Finally, The Goldman Sachs Group assumed coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a "buy" rating and a $59.00 price objective for the company. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $63.22.

Avidity Biosciences Stock Performance

The business has a 50 day moving average of $45.26 and a two-hundred day moving average of $40.20. The stock has a market capitalization of $5.03 billion, a PE ratio of -14.65 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. On average, equities analysts expect that Avidity Biosciences, Inc. will post -2.85 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of the business's stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $46.63, for a total transaction of $233,150.00. Following the sale, the director now owns 14,830 shares in the company, valued at approximately $691,522.90. 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 is accessible through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the company's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the transaction, the insider now owns 94,018 shares in the company, valued at approximately $4,561,753.36. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 127,543 shares of company stock valued at $5,782,042 over the last 90 days. Insiders own 3.68% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. FMR LLC boosted its position in Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock valued at $773,864,000 after buying an additional 689,729 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Avidity Biosciences by 7.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company's stock worth $189,592,000 after purchasing an additional 516,446 shares during the last quarter. Wellington Management Group LLP lifted 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 valued at $322,931,000 after purchasing an additional 3,228,923 shares during the period. Avoro Capital Advisors LLC boosted its holdings in Avidity Biosciences by 11.7% in the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company's stock valued at $265,729,000 after purchasing an additional 680,000 shares during the last quarter. Finally, RA Capital Management L.P. boosted its holdings in Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock valued at $289,378,000 after purchasing an additional 900,000 shares during the last quarter.

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.