Avidity Biosciences (NASDAQ:RNA) Stock Price Down 4.2% Following Insider Selling

Key Points

• Avidity Biosciences stock dropped 4.2% to $44.51 on Monday, primarily due to insider selling by Teresa Mccarthy, who sold 10,000 shares at an average price of $46.56.
• Despite the recent decline, several analysts have expressed a positive outlook, raising their price targets, with Citigroup increasing its target from $70 to $75 and maintaining a "buy" rating.
• The company has a market capitalization of $5.75 billion and is developing treatments for rare diseases through its innovative antibody oligonucleotide conjugates (AOC).

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price dropped 4.2% during trading on Monday following insider selling activity. The stock traded as low as $44.55 and last traded at $44.51. Approximately 1,095,468 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 1,834,316 shares. The stock had previously closed at $46.47.

Specifically, insider Teresa Mccarthy sold 10,000 shares of Avidity Biosciences stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $46.56, for a total value of $465,600.00. Following the sale, the insider owned 97,130 shares of the company's stock, valued at $4,522,372.80. The trade was a 9.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

RNA has been the subject of a number of recent research reports. Raymond James Financial assumed coverage on shares of Avidity Biosciences in a report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 target price for the company. Chardan Capital reiterated a "buy" rating and set a $75.00 price objective on shares of Avidity Biosciences in a research report on Friday, August 8th. Citigroup lifted their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Bank of America upped their target price on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Friday, June 27th. One analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the company's stock. According to MarketBeat.com, Avidity Biosciences currently has a consensus rating of "Buy" and an average target price of $67.00.

Avidity Biosciences Price Performance

The firm has a market cap of $5.96 billion, a P/E ratio of -13.02 and a beta of 0.95. The stock's 50-day simple moving average is $35.63 and its two-hundred day simple moving average is $32.23.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in Avidity Biosciences by 291.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock worth $492,000 after purchasing an additional 11,594 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Avidity Biosciences by 43.3% in the first 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 period. Amalgamated Bank lifted its stake in shares of Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after acquiring an additional 418 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Avidity Biosciences by 106.1% during the 4th quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock worth $798,000 after acquiring an additional 14,129 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in Avidity Biosciences by 47.3% during the 1st quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company's stock valued at $8,038,000 after acquiring an additional 87,468 shares during the period.

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.