Avidity Biosciences (NASDAQ:RNA) Shares Down 7.9% – Should You Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price traded down 7.9% on Tuesday . The stock traded as low as $31.27 and last traded at $31.16. 691,003 shares changed hands during trading, a decline of 47% from the average session volume of 1,312,519 shares. The stock had previously closed at $33.83.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Chardan Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Monday. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Monday. Citigroup assumed coverage on Avidity Biosciences in a research report on Thursday, March 13th. They set a “buy” rating and a $70.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research report on Monday. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Stock Performance

The stock’s 50 day simple moving average is $31.04 and its 200-day simple moving average is $37.77. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of -10.76 and a beta of 1.02.

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

Insiders Place Their Bets

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the completion of the transaction, the chief executive officer now directly owns 265,308 shares in the company, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the sale, the director now owns 12,958 shares in the company, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,138 shares of company stock valued at $2,539,032. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RNA. PEAK6 Investments LLC boosted its stake in shares of Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after acquiring an additional 343 shares during the last quarter. Aaron Wealth Advisors LLC grew its holdings in shares of Avidity Biosciences by 6.6% during the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after buying an additional 504 shares in the last quarter. Quantinno Capital Management LP grew its stake in Avidity Biosciences by 8.0% during the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock valued at $204,000 after acquiring an additional 518 shares in the last quarter. National Bank of Canada FI purchased a new position in Avidity Biosciences in the 3rd quarter worth approximately $27,000. Finally, New York State Common Retirement Fund boosted its holdings in shares of Avidity Biosciences by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after purchasing an additional 598 shares during the last quarter.

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.