Avidity Biosciences (NASDAQ:RNA) Stock Price Down 7% – Should You Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA) shares were down 7% on Monday . The stock traded as low as $28.80 and last traded at $29.40. Approximately 263,619 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 1,334,923 shares. The stock had previously closed at $31.60.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Citigroup initiated coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price target on the stock. Barclays decreased their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, Bank of America cut their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Stock Performance

The company has a market capitalization of $3.21 billion, a P/E ratio of -9.28 and a beta of 1.02. The business has a 50 day moving average of $31.46 and a 200-day moving average of $36.96.

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

Insider Buying and Selling

In other news, CFO Michael F. Maclean sold 3,287 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $93,975.33. Following the completion of the sale, the chief financial officer now owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This represents a 3.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the transaction, the insider now directly owns 50,554 shares in the company, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,443 shares of company stock worth $2,241,889 in the last 90 days. 3.68% of the stock is owned by company insiders.

Institutional Trading of Avidity Biosciences

Several large investors have recently modified their holdings of RNA. California State Teachers Retirement System lifted its holdings in Avidity Biosciences by 9.2% in the 4th quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company’s stock worth $2,459,000 after buying an additional 7,148 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $4,722,000. GF Fund Management CO. LTD. bought a new stake in Avidity Biosciences in the fourth quarter valued at $73,000. Neo Ivy Capital Management increased its position in Avidity Biosciences by 479.2% during the 4th quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company’s stock valued at $2,795,000 after purchasing an additional 79,524 shares during the period. Finally, Castleark Management LLC raised its holdings in Avidity Biosciences by 23.7% in the 4th quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company’s stock worth $2,054,000 after purchasing an additional 13,510 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.