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

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on RNA. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. HC Wainwright restated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Chardan Capital restated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $65.80.

Avidity Biosciences Stock Performance

The company’s fifty day moving average price is $31.64 and its 200 day moving average price is $39.88. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of -11.47 and a beta of 1.00.

Insiders Place Their Bets

In other Avidity Biosciences news, CFO Michael F. Maclean sold 3,287 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the sale, the chief financial officer now directly owns 104,655 shares of the company’s stock, valued at $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 157,461 shares of company stock valued at $5,397,477 over the last quarter. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC boosted its position in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after buying an additional 689,729 shares during the period. Vanguard Group Inc. raised its stake in Avidity Biosciences by 2.2% during the 4th 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 boosted its position in Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after acquiring an additional 1,075,148 shares during the period. RA Capital Management L.P. grew its stake in shares of Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after purchasing an additional 1,239,323 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.