Avidity Biosciences (NASDAQ:RNA) Shares Down 3.5% - Here's What Happened

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. HC Wainwright lowered their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a report on Monday, May 12th. Barclays increased their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Raymond James began coverage on shares of Avidity Biosciences in a research note on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price target for the company. Finally, Chardan Capital raised their price objective on Avidity Biosciences from $65.00 to $75.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $67.33.

Avidity Biosciences Trading Down 5.0%

The company has a market capitalization of $3.59 billion, a P/E ratio of -10.35 and a beta of 0.95. The company's 50 day moving average is $29.99 and its 200-day moving average is $31.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. Analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Transactions at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $32.48, for a total transaction of $190,820.00. Following the completion of the sale, the insider now owns 50,554 shares of the company's stock, valued at $1,641,993.92. This trade represents a 10.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider W. Michael Flanagan sold 20,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the transaction, the insider now directly owns 80,195 shares in the company, valued at $2,636,811.60. This trade represents a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,678 shares of company stock valued at $2,725,857. Insiders own 3.83% of the company's stock.

Institutional Trading of Avidity Biosciences

A number of institutional investors have recently made changes to their positions in RNA. Y Intercept Hong Kong Ltd purchased a new stake in Avidity Biosciences in the fourth quarter worth approximately $386,000. Vanguard Group Inc. lifted its holdings in shares of Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after buying an additional 205,027 shares during the period. Parallel Advisors LLC boosted its stake in shares of Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after buying an additional 515 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Avidity Biosciences by 19.5% in the fourth quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock worth $10,557,000 after acquiring an additional 59,295 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Avidity Biosciences during the fourth quarter valued at $5,784,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.