Avidity Biosciences (NASDAQ:RNA) Stock Price Down 3.3% – Time to Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA) fell 3.3% on Monday . The stock traded as low as $36.76 and last traded at $37.02. 86,925 shares were traded during trading, a decline of 93% from the average session volume of 1,298,644 shares. The stock had previously closed at $38.27.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RNA. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen increased their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada started coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price objective on the stock. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $63.60.

Avidity Biosciences Price Performance

The stock’s 50-day simple moving average is $44.94 and its 200-day simple moving average is $41.91.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. On average, equities analysts predict that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $678,175.90. This trade represents a 25.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael F. Maclean sold 11,510 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $506,440.00. Following the completion of the transaction, the chief financial officer now directly owns 96,355 shares of the company’s stock, valued at approximately $4,239,620. The trade was a 10.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock worth $6,724,557 in the last quarter. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RNA. Wellington Management Group LLP raised its position in shares of Avidity Biosciences by 84.9% during the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after buying an additional 3,228,923 shares in the last quarter. State Street Corp raised its position in shares of Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after buying an additional 1,386,087 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after buying an additional 1,239,323 shares in the last quarter. RA Capital Management L.P. raised its position in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after buying an additional 900,000 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. raised its position in shares of Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after buying an additional 707,773 shares in 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.