Avidity Biosciences (NASDAQ:RNA) Shares Down 3.1%

Avidity Biosciences, Inc. (NASDAQ:RNAGet Rating) traded down 3.1% on Friday . The company traded as low as $21.90 and last traded at $21.90. 1,041 shares traded hands during mid-day trading, a decline of 100% from the average session volume of 248,827 shares. The stock had previously closed at $22.60.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Chardan Capital assumed coverage on Avidity Biosciences in a research note on Wednesday, July 20th. They issued a “buy” rating and a $29.00 target price on the stock. Raymond James started coverage on Avidity Biosciences in a report on Monday, July 11th. They issued a “strong-buy” rating and a $29.00 price objective for the company. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $42.50.

Avidity Biosciences Trading Down 7.7 %

The business has a fifty day moving average price of $19.15 and a 200-day moving average price of $16.84. The stock has a market capitalization of $1.09 billion, a PE ratio of -6.67 and a beta of 0.88.

Avidity Biosciences (NASDAQ:RNAGet Rating) last issued its earnings results on Tuesday, August 9th. The biotechnology company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.18). The company had revenue of $2.18 million for the quarter, compared to analysts’ expectations of $2.29 million. Avidity Biosciences had a negative net margin of 1,849.49% and a negative return on equity of 38.72%. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -3.53 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 14,855 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $23.07, for a total transaction of $342,704.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Avidity Biosciences news, CEO Sarah Boyce sold 14,855 shares of the stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $23.07, for a total value of $342,704.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Arthur A. Levin sold 14,003 shares of the stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $22.00, for a total value of $308,066.00. Following the completion of the sale, the insider now owns 1,330 shares of the company’s stock, valued at approximately $29,260. The disclosure for this sale can be found here. Insiders sold 91,456 shares of company stock worth $2,035,474 in the last ninety days. 6.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the business. Legal & General Group Plc raised its position in shares of Avidity Biosciences by 3.9% in the 2nd quarter. Legal & General Group Plc now owns 19,441 shares of the biotechnology company’s stock worth $282,000 after acquiring an additional 725 shares in the last quarter. Mirador Capital Partners LP raised its position in shares of Avidity Biosciences by 2.9% in the 2nd quarter. Mirador Capital Partners LP now owns 34,783 shares of the biotechnology company’s stock worth $505,000 after acquiring an additional 967 shares in the last quarter. Nwam LLC raised its position in shares of Avidity Biosciences by 5.8% in the 1st quarter. Nwam LLC now owns 19,741 shares of the biotechnology company’s stock worth $365,000 after acquiring an additional 1,087 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Avidity Biosciences by 31.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,482 shares of the biotechnology company’s stock worth $101,000 after acquiring an additional 1,304 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. raised its position in shares of Avidity Biosciences by 0.9% in the 4th quarter. Candriam Luxembourg S.C.A. now owns 159,988 shares of the biotechnology company’s stock worth $3,803,000 after acquiring an additional 1,400 shares in the last quarter.

Avidity Biosciences Company Profile

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Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.

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