By otakuyassine3@gmail.com 
Avidity Biosciences, Inc. (NASDAQ:RNA – Get Free Report)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $33.39, but opened at $32.55. Avidity Biosciences shares last traded at $33.70, with a volume of 31,080 shares traded.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on the stock. Evercore ISI lowered their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. The Goldman Sachs Group started coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $63.60.
Read Our Latest Analysis on RNA
Avidity Biosciences Price Performance
The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of -10.66 and a beta of 0.89. The firm’s 50-day moving average price is $42.93 and its 200 day moving average price is $42.19.
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. On average, analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.
Insider Activity at Avidity Biosciences
In other news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction on Monday, December 16th. The stock was sold at an average price of $33.26, for a total value of $831,500.00. Following the completion of the sale, the insider now owns 94,018 shares of the company’s stock, valued at $3,127,038.68. The trade was a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the transaction, the chief executive officer now owns 234,663 shares in the company, valued at $10,325,172. This trade represents a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 194,866 shares of company stock valued at $8,185,887. 3.68% of the stock is owned by insiders.
Institutional Investors Weigh In On Avidity Biosciences
Several hedge funds have recently modified their holdings of the stock. National Bank of Canada FI acquired a new position in Avidity Biosciences in the third quarter valued at $27,000. Allspring Global Investments Holdings LLC acquired a new stake in Avidity Biosciences during the third quarter worth about $30,000. Values First Advisors Inc. purchased a new position in shares of Avidity Biosciences in the 3rd quarter worth about $32,000. Quarry LP lifted its stake in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC grew its holdings in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 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.
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