Avidity Biosciences (NASDAQ:RNA) Shares Down 7.6% – Here’s What Happened

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) dropped 7.6% on Monday . The company traded as low as $39.51 and last traded at $39.68. Approximately 898,197 shares traded hands during trading, a decline of 57% from the average daily volume of 2,082,300 shares. The stock had previously closed at $42.95.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RNA. Wells Fargo & Company boosted their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. Evercore ISI cut their target price on shares of Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating for the company in a research report on Monday, September 22nd. Barclays reiterated an “overweight” rating and issued a $62.00 target price (up from $59.00) on shares of Avidity Biosciences in a research report on Friday, August 8th. Roth Capital started coverage on Avidity Biosciences in a report on Wednesday, September 17th. They issued a “buy” rating and a $62.00 price objective for the company. Finally, Sanford C. Bernstein assumed coverage on Avidity Biosciences in a report on Tuesday, June 24th. They issued an “outperform” rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating and eighteen have assigned a Buy rating to the company’s stock. According to MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and a consensus target price of $68.32.

Avidity Biosciences Trading Down 0.7%

The company has a market capitalization of $6.22 billion, a PE ratio of -11.97 and a beta of 0.99. The firm has a fifty day moving average of $42.84 and a two-hundred day moving average of $34.55.

Insiders Place Their Bets

In related news, CEO Sarah Boyce sold 50,000 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $49.95, for a total value of $2,497,500.00. Following the completion of the sale, the chief executive officer owned 305,871 shares of the company’s stock, valued at $15,278,256.45. This trade represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven George Hughes sold 2,208 shares of the firm’s stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $40.58, for a total transaction of $89,600.64. Following the completion of the sale, the insider directly owned 38,867 shares of the company’s stock, valued at approximately $1,577,222.86. This represents a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 542,707 shares of company stock worth $24,904,454. Insiders own 3.83% of the company’s stock.

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. lifted its stake in shares of Avidity Biosciences by 1,659.1% in the 2nd 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 period. Hudson Bay Capital Management LP purchased a new position in Avidity Biosciences during the second quarter valued at $2,130,000. Tower Research Capital LLC TRC lifted its position in Avidity Biosciences by 59.4% during the second quarter. Tower Research Capital LLC TRC now owns 13,009 shares of the biotechnology company’s stock valued at $369,000 after buying an additional 4,850 shares during the period. E Fund Management Co. Ltd. lifted 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 valued at $402,000 after buying an additional 629 shares during the period. Finally, Sofinnova Investments Inc. lifted its position in Avidity Biosciences by 53.9% during the 2nd quarter. Sofinnova Investments Inc. now owns 584,801 shares of the biotechnology company’s stock valued at $16,608,000 after acquiring an additional 204,870 shares during the period.

Avidity Biosciences Company Profile

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.