Avidity Biosciences (NASDAQ:RNA) Stock Price Down 3.5% - Here's Why

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price fell 3.5% during mid-day trading on Monday . The stock traded as low as $30.33 and last traded at $30.28. 429,572 shares traded hands during trading, a decline of 70% from the average session volume of 1,408,453 shares. The stock had previously closed at $31.37.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Scotiabank started coverage on Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price on the stock. BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective on the stock. HC Wainwright cut their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. JPMorgan Chase & Co. upped their target price on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Finally, Wolfe Research assumed coverage on Avidity Biosciences in a research note on Tuesday. They set an "outperform" rating and a $55.00 price target on the stock. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $66.56.

Avidity Biosciences Trading Down 0.1%

The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -9.77 and a beta of 0.95. The firm's 50 day simple moving average is $30.39 and its 200-day simple moving average is $30.80.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). The company had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. As a group, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 20,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the sale, the insider now owns 80,195 shares of the company's stock, valued at approximately $2,636,811.60. This represents a 19.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $32.40, for a total value of $190,350.00. Following the sale, the insider now directly owns 50,554 shares in the company, valued at approximately $1,637,949.60. The trade was a 10.41% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 38,536 shares of company stock worth $1,229,820. 3.83% of the stock is owned by corporate insiders.

Institutional Trading of Avidity Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of RNA. TD Waterhouse Canada Inc. increased its stake in Avidity Biosciences by 646.3% in 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 during the last quarter. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences during the 4th quarter valued at about $38,000. Parallel Advisors LLC increased its stake in shares of Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 515 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Avidity Biosciences during the 4th quarter worth about $60,000. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of Avidity Biosciences in the fourth quarter worth approximately $73,000.

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.