Avidity Biosciences (NASDAQ:RNA) Trading Down 5.4% - What's Next?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price traded down 5.4% during mid-day trading on Monday . The company traded as low as $28.36 and last traded at $28.48. 475,265 shares changed hands during trading, a decline of 64% from the average session volume of 1,305,174 shares. The stock had previously closed at $30.11.

Analyst Upgrades and Downgrades

Several brokerages have commented on RNA. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Chardan Capital reissued a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. HC Wainwright assumed coverage on Avidity Biosciences in a report on Friday, December 20th. They issued a "buy" rating and a $72.00 target price on the stock. Finally, Royal Bank of Canada initiated coverage on Avidity Biosciences in a report on Tuesday, November 26th. They set an "outperform" rating and a $67.00 price target for the company. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $64.36.

Avidity Biosciences Price Performance

The firm has a market cap of $3.48 billion, a P/E ratio of -10.13 and a beta of 0.89. The stock's 50 day moving average is $40.66 and its two-hundred day moving average is $42.41.

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

Insiders Place Their Bets

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the business's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the transaction, the insider now directly owns 94,018 shares in the company, valued at $4,561,753.36. The trade was a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tamar Thompson sold 30,000 shares of Avidity Biosciences stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $44.98, for a total transaction of $1,349,400.00. The disclosure for this sale can be found here. Insiders sold 193,071 shares of company stock worth $7,474,724 over the last three months. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Lord Abbett & CO. LLC grew its stake in shares of Avidity Biosciences by 30.1% during the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock valued at $24,766,000 after purchasing an additional 124,867 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Avidity Biosciences by 229.9% during the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company's stock worth $3,412,000 after buying an additional 50,908 shares in the last quarter. Tidal Investments LLC bought a new position in Avidity Biosciences in the 3rd quarter valued at $407,000. Teachers Retirement System of The State of Kentucky increased its stake in shares of Avidity Biosciences by 43.6% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 29,965 shares of the biotechnology company's stock valued at $1,376,000 after buying an additional 9,098 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in shares of Avidity Biosciences during the third quarter worth $762,000.

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.