Avidity Biosciences (NASDAQ:RNA) Shares Down 7.6% - Here's What Happened

Key Points

• Avidity Biosciences' shares fell by 7.6% on Monday, with a trading price closing at $39.68, down from the previous closing price of $42.95.
• Analysts have mixed ratings on the stock, with Citigroup raising their target to $75.00 and Evercore ISI lowering it to $65.00, while the average consensus price target is $68.32.
• Insiders have sold a total of 542,707 shares over the last ninety days, prompting concerns as the insider ownership has decreased significantly.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price was down 7.6% on Monday . The company traded as low as $39.51 and last traded at $39.68. Approximately 898,197 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 2,082,300 shares. The stock had previously closed at $42.95.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Citigroup raised their price objective on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Evercore ISI cut their price target on Avidity Biosciences from $70.00 to $65.00 and set an "outperform" rating on the stock in a research note on Monday, September 22nd. Raymond James Financial initiated coverage on Avidity Biosciences in a research note on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 price target on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Friday, June 27th. Finally, Wolfe Research started coverage on shares of Avidity Biosciences in a research report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating and eighteen have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $68.32.

Avidity Biosciences Stock Performance

The business has a 50 day moving average price of $42.84 and a 200-day moving average price of $34.55. The company has a market capitalization of $6.22 billion, a price-to-earnings ratio of -11.97 and a beta of 0.99.

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 107,500 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $47.62, for a total transaction of $5,119,150.00. Following the transaction, the director owned 19,650 shares of the company's stock, valued at $935,733. This represents a 84.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Eric Mosbrooker sold 130,807 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total transaction of $5,763,356.42. Following the transaction, the insider directly owned 55,000 shares in the company, valued at $2,423,300. This trade represents a 70.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 542,707 shares of company stock worth $24,904,454 over the last ninety days. 3.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its stake in Avidity Biosciences by 2.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company's stock valued at $334,701,000 after buying an additional 295,275 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Avidity Biosciences by 19.5% during the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock worth $285,888,000 after purchasing an additional 1,578,459 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Avidity Biosciences by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,847,965 shares of the biotechnology company's stock worth $80,893,000 after purchasing an additional 92,719 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Avidity Biosciences by 16.8% during the 2nd quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company's stock worth $52,237,000 after purchasing an additional 264,827 shares during the last quarter. Finally, Driehaus Capital Management LLC increased its holdings in Avidity Biosciences by 3.5% in the 1st quarter. Driehaus Capital Management LLC now owns 1,270,931 shares of the biotechnology company's stock worth $37,518,000 after acquiring an additional 42,873 shares during the last quarter.

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.

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