Avidity Biosciences (NASDAQ:RNA) Hits New 12-Month Low – Should You Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price hit a new 52-week low on Thursday . The stock traded as low as $21.51 and last traded at $24.80, with a volume of 3598453 shares trading hands. The stock had previously closed at $24.08.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RNA shares. 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. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday. Chardan Capital reiterated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Scotiabank initiated coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target on the stock. Finally, BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target for the company. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has an average rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Price Performance

The company has a market cap of $3.08 billion, a P/E ratio of -8.88 and a beta of 1.01. The stock has a fifty day moving average price of $30.31 and a two-hundred day moving average price of $35.78.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total transaction of $163,501.25. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at approximately $1,406,917.82. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the sale, the insider now directly owns 104,908 shares of the company’s stock, valued at approximately $2,999,319.72. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,318 shares of company stock worth $2,405,390 in the last three months. 3.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences in the third quarter worth $27,000. TD Waterhouse Canada Inc. grew its stake in Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares in the last quarter. Van ECK Associates Corp acquired a new position in Avidity Biosciences in the 4th quarter worth about $38,000. Parallel Advisors LLC raised its stake in shares of Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after purchasing an additional 515 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter valued at about $60,000.

About Avidity Biosciences

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.