Avidity Biosciences (NASDAQ:RNA) Trading Down 5.3% - Here's What Happened

Key Points

• Avidity Biosciences shares fell by 5.3%, closing at $42.37, with a significant decrease in trading volume compared to its average.
• Analysts maintain a positive outlook with an average rating of "Buy" and a consensus target price of $68.94, with several firms issuing price objectives above $55.00.
• Insider trading saw substantial sales, with insiders offloading a total of 541,410 shares worth $24.8 million in the last ninety days, leading to a notable decrease in their ownership stakes.

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) traded down 5.3% on Monday . The company traded as low as $43.43 and last traded at $42.37. 192,843 shares were traded during mid-day trading, a decline of 90% from the average session volume of 2,019,155 shares. The stock had previously closed at $44.74.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wolfe Research assumed coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Evercore ISI restated an "outperform" rating and issued a $70.00 price objective on shares of Avidity Biosciences in a report on Friday, July 11th. Barclays restated an "overweight" rating and issued a $62.00 price objective (up previously from $59.00) on shares of Avidity Biosciences in a report on Friday, August 8th. Wells Fargo & Company lifted their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Finally, Raymond James Financial began coverage on shares of Avidity Biosciences in a report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $68.94.

Avidity Biosciences Stock Performance

The firm has a market cap of $5.17 billion, a PE ratio of -11.30 and a beta of 0.99. The firm's 50-day moving average price is $40.89 and its two-hundred day moving average price is $33.75.

Insider Buying and Selling

In other Avidity Biosciences news, Director Arthur A. Levin sold 107,500 shares of the company's stock in a transaction on 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 completion of the transaction, the director owned 19,650 shares in the company, valued at approximately $935,733. This represents a 84.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Troy Edward Wilson sold 65,554 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total transaction of $2,949,930.00. Following the transaction, the director directly owned 17,776 shares in the company, valued at approximately $799,920. This trade represents a 78.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 541,410 shares of company stock worth $24,842,402 in the last ninety days. Insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew 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 acquiring an additional 295,275 shares during the last quarter. Wellington Management Group LLP grew its stake in Avidity Biosciences by 19.5% in the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock valued at $285,888,000 after acquiring an additional 1,578,459 shares during the last quarter. Geode Capital Management LLC grew its stake in Avidity Biosciences by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,847,965 shares of the biotechnology company's stock valued at $80,893,000 after acquiring an additional 92,719 shares during the last quarter. Bank of America Corp DE grew its stake in Avidity Biosciences by 16.8% in the 2nd quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company's stock valued at $52,237,000 after acquiring an additional 264,827 shares during the last quarter. Finally, Driehaus Capital Management LLC lifted 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 valued at $37,518,000 after purchasing an additional 42,873 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.

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