Avidity Biosciences (NASDAQ:RNA) Shares Down 7% – Time to Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price was down 7% during mid-day trading on Monday . The stock traded as low as $28.80 and last traded at $29.40. Approximately 263,619 shares changed hands during trading, a decline of 80% from the average daily volume of 1,334,923 shares. The stock had previously closed at $31.60.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price for the company. Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. HC Wainwright reissued a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Price Performance

The company has a 50 day moving average price of $31.53 and a 200-day moving average price of $37.14. The stock has a market capitalization of $3.51 billion, a PE ratio of -10.17 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last announced 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). The business had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In other news, insider Teresa Mccarthy sold 2,959 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $84,597.81. Following the transaction, the insider now owns 104,908 shares of the company’s stock, valued at $2,999,319.72. This trade represents a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the sale, the director now directly owns 12,958 shares in the company, valued at $370,598.80. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,443 shares of company stock valued at $2,241,889 over the last 90 days. Corporate insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently modified their holdings of the stock. National Bank of Canada FI bought a new stake in Avidity Biosciences in the 3rd quarter valued at $27,000. TD Waterhouse Canada Inc. grew its position in shares of Avidity Biosciences by 646.3% during the fourth 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 in the last quarter. Van ECK Associates Corp bought a new stake in shares of Avidity Biosciences in the fourth quarter worth about $38,000. Headlands Technologies LLC purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth about $60,000. Finally, GF Fund Management CO. LTD. bought a new position in Avidity Biosciences during the fourth quarter valued at approximately $73,000.

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.