Avidity Biosciences (NASDAQ:RNA) Sets New 52-Week Low – Here’s Why

Avidity Biosciences, Inc. (NASDAQ:RNA) shares hit a new 52-week low on Saturday . The company traded as low as $13.06 and last traded at $14.75, with a volume of 7932167 shares changing hands. The stock had previously closed at $14.58.

Analyst Ratings Changes

A number of analysts have commented on RNA shares. Chardan Capital reaffirmed a “neutral” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. TD Cowen reiterated a “hold” rating on shares of Avidity Biosciences in a research report on Wednesday, November 12th. Finally, Evercore set a $72.00 price target on shares of Avidity Biosciences in a research report on Thursday, December 18th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $69.57.

Avidity Biosciences Stock Up 1.2%

The company has a market capitalization of $2.29 billion, a PE ratio of -2.97 and a beta of 0.93. The firm has a 50-day moving average of $71.40 and a two-hundred day moving average of $61.91.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing the consensus estimate of ($1.24) by ($0.35). Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The firm had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $1.98 million. Equities analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Steven George Hughes sold 4,895 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $354,642.75. Following the sale, the insider directly owned 31,599 shares of the company’s stock, valued at $2,289,347.55. This represents a 13.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Charles Calderaro III sold 3,727 shares of the stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $72.23, for a total value of $269,201.21. Following the transaction, the insider owned 49,797 shares in the company, valued at $3,596,837.31. This represents a 6.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 58,407 shares of company stock valued at $4,226,448. Insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP increased its position in Avidity Biosciences by 22.8% during the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 159 shares during the last quarter. Fort Point Capital Partners LLC lifted its holdings in Avidity Biosciences by 0.6% in the third quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock valued at $1,363,000 after acquiring an additional 183 shares during the last quarter. GF Fund Management CO. LTD. grew its position in Avidity Biosciences by 7.0% in the fourth quarter. GF Fund Management CO. LTD. now owns 2,961 shares of the biotechnology company’s stock worth $214,000 after acquiring an additional 193 shares during the period. GAMMA Investing LLC grew its position in Avidity Biosciences by 10.5% in the fourth quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock worth $178,000 after acquiring an additional 234 shares during the period. Finally, AlphaQuest LLC increased its stake in Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 331 shares during the last quarter.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.