Avidity Biosciences (NASDAQ:RNA) Stock Price Down 7% – Here’s What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA) was down 7% during trading on Wednesday . The stock traded as low as $31.77 and last traded at $31.44. Approximately 123,174 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 1,329,084 shares. The stock had previously closed at $33.79.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. 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. TD Cowen boosted their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Chardan Capital restated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $65.80.

Avidity Biosciences Trading Down 7.8 %

The firm’s fifty day moving average is $31.84 and its 200-day moving average is $39.98. The stock has a market capitalization of $3.72 billion, a PE ratio of -10.79 and a beta of 1.00.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,855 shares of Avidity Biosciences stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the transaction, the chief executive officer now directly owns 265,308 shares of the company’s stock, valued at $8,664,959.28. The trade was a 10.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at $3,867,900.52. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 157,461 shares of company stock worth $5,397,477. 3.68% of the stock is currently owned by insiders.

Institutional Trading of Avidity Biosciences

A number of large investors have recently modified their holdings of RNA. FMR LLC raised its position in Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after purchasing an additional 689,729 shares in the last quarter. Vanguard Group Inc. raised its holdings in Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock valued at $274,280,000 after acquiring an additional 205,027 shares in the last quarter. Wellington Management Group LLP lifted its stake in Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after acquiring an additional 3,228,923 shares during the last quarter. RA Capital Management L.P. grew its holdings in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after acquiring an additional 900,000 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after acquiring an additional 1,239,323 shares in the last quarter.

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.