Avidity Biosciences (NASDAQ:RNA) Stock Price Down 5.5% After Insider Selling

Shares of Avidity Biosciences, Inc. (NASDAQ:RNAGet Free Report) fell 5.5% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $43.19 and last traded at $43.24. 386,814 shares changed hands during trading, a decline of 72% from the average session volume of 1,359,731 shares. The stock had previously closed at $45.76.

Specifically, Director Tamar Thompson sold 30,000 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $44.98, for a total value of $1,349,400.00. The sale was disclosed in a document filed with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

RNA has been the topic of a number of research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Chardan Capital increased their price objective on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 9th. Bank of America increased their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Tuesday, August 13th. Finally, The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $60.75.

Read Our Latest Stock Analysis on RNA

Avidity Biosciences Stock Down 5.5 %

The business has a 50 day moving average price of $43.72 and a 200 day moving average price of $36.23.

Avidity Biosciences (NASDAQ:RNAGet Free Report) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The company had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. As a group, research analysts expect that Avidity Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently bought and sold shares of the business. Avoro Capital Advisors LLC lifted its position in shares of Avidity Biosciences by 132.1% in the first quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock valued at $148,654,000 after acquiring an additional 3,315,000 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after acquiring an additional 1,216,730 shares in the last quarter. RA Capital Management L.P. lifted its position in shares of Avidity Biosciences by 33.7% in the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock valued at $83,761,000 after acquiring an additional 827,647 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its position in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after acquiring an additional 707,773 shares in the last quarter. Finally, Farallon Capital Management LLC purchased a new position in shares of Avidity Biosciences in the first quarter valued at approximately $15,467,000.

About Avidity Biosciences

(Get Free Report)

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.

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