Avidity Biosciences (NASDAQ:RNA) Shares Down 3.3% – Should You Sell?

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) fell 3.3% on Monday . The stock traded as low as $36.76 and last traded at $37.02. 86,925 shares were traded during trading, a decline of 93% from the average session volume of 1,298,644 shares. The stock had previously closed at $38.27.

Analysts Set New Price Targets

Several research firms have commented on RNA. Evercore ISI dropped their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Chardan Capital reiterated a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Royal Bank of Canada initiated coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price on the stock. Finally, The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $63.60.

Avidity Biosciences Trading Down 2.0 %

The business’s fifty day simple moving average is $44.51 and its 200-day simple moving average is $42.03. The firm has a market cap of $4.31 billion, a P/E ratio of -12.53 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Analysts anticipate that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the transaction, the insider now owns 94,018 shares in the company, valued at $3,867,900.52. The trade was a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur A. Levin sold 3,323 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at $624,639.60. This trade represents a 18.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock worth $6,724,557 over the last quarter. 3.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently added to or reduced their stakes in RNA. PEAK6 Investments LLC lifted its holdings in shares of Avidity Biosciences by 4.9% during the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 343 shares during the last quarter. Arizona State Retirement System increased its position in Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares in the last quarter. National Bank of Canada FI purchased a new position in Avidity Biosciences during the third quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences in the third quarter worth $30,000. Finally, Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences in the third quarter worth $32,000.

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.