Avidity Biosciences (NASDAQ:RNA) Stock Price Down 7.9% – Should You Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price dropped 7.9% on Tuesday . The stock traded as low as $31.27 and last traded at $31.16. Approximately 691,003 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 1,312,519 shares. The stock had previously closed at $33.83.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RNA shares. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Monday. HC Wainwright reiterated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Monday. Scotiabank initiated coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective for the company. Barclays cut their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Stock Performance

The stock has a market capitalization of $3.71 billion, a P/E ratio of -10.70 and a beta of 1.02. The stock has a 50-day moving average price of $31.06 and a two-hundred day moving average price of $37.63.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sarah Boyce sold 10,397 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $297,250.23. Following the completion of the transaction, the chief executive officer now owns 337,411 shares of the company’s stock, valued at $9,646,580.49. This represents a 2.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,390 shares of company stock worth $718,303. 3.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. PEAK6 Investments LLC raised its stake in shares of Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after purchasing an additional 343 shares during the last quarter. Aaron Wealth Advisors LLC raised its stake in shares of Avidity Biosciences by 6.6% in the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after purchasing an additional 504 shares during the last quarter. Quantinno Capital Management LP raised its stake in shares of Avidity Biosciences by 8.0% in the fourth quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 518 shares during the last quarter. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences in the third quarter worth $27,000. Finally, New York State Common Retirement Fund increased its position in Avidity Biosciences by 0.3% during the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock valued at $5,374,000 after acquiring an additional 598 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.