Avidity Biosciences (NASDAQ:RNA) Stock Price 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.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s stock price dropped 5.3% during trading on Monday . The company traded as low as $43.43 and last traded at $42.37. 192,843 shares changed hands 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

RNA has been the topic of a number of research reports. Chardan Capital reissued a "buy" rating and set a $75.00 price target on shares of Avidity Biosciences in a report on Wednesday, September 10th. Bank of America lifted their target price on Avidity Biosciences from $56.00 to $65.00 and gave the company a "buy" rating in a research note on Monday. HC Wainwright upped their price target on Avidity Biosciences from $68.00 to $87.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. Needham & Company LLC lifted their price objective on shares of Avidity Biosciences from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Finally, Sanford C. Bernstein assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 price objective 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. According to data from MarketBeat.com, Avidity Biosciences has an average rating of "Buy" and an average target price of $68.58.

Avidity Biosciences Stock Down 1.8%

The firm has a market cap of $5.99 billion, a PE ratio of -11.53 and a beta of 0.99. The company's fifty day moving average price is $41.94 and its two-hundred day moving average price is $34.09.

Insiders Place Their Bets

In related news, insider Steven George Hughes sold 81,434 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $42.74, for a total value of $3,480,489.16. Following the completion of the sale, the insider owned 38,867 shares in the company, valued at $1,661,175.58. This trade represents a 67.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Arthur A. Levin sold 107,500 shares of the company's stock in a transaction dated Wednesday, August 6th. The stock was 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 in the company, valued at $935,733. The trade was a 84.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 540,499 shares of company stock worth $24,814,854. Insiders own 3.83% of the company's stock.

Institutional Trading of Avidity Biosciences

Institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. grew its holdings in Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company's stock valued at $48,000 after purchasing an additional 1,543 shares during the last quarter. Hudson Bay Capital Management LP purchased a new position in Avidity Biosciences during the 2nd quarter valued at about $2,130,000. Tower Research Capital LLC TRC increased its holdings in Avidity Biosciences by 59.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 13,009 shares of the biotechnology company's stock valued at $369,000 after acquiring an additional 4,850 shares in the last quarter. E Fund Management Co. Ltd. raised its position in Avidity Biosciences by 4.6% during the second quarter. E Fund Management Co. Ltd. now owns 14,163 shares of the biotechnology company's stock worth $402,000 after acquiring an additional 629 shares during the last quarter. Finally, Sofinnova Investments Inc. raised its position in Avidity Biosciences by 53.9% during the second quarter. Sofinnova Investments Inc. now owns 584,801 shares of the biotechnology company's stock worth $16,608,000 after acquiring an additional 204,870 shares during 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.