Sarah Boyce Sells 31,855 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 31,855 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the transaction, the chief executive officer now directly owns 265,308 shares in the company, valued at approximately $8,664,959.28. The trade was a 10.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Sarah Boyce also recently made the following trade(s):

• On Monday, September 23rd, Sarah Boyce sold 32,880 shares of Avidity Biosciences stock. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00.

Avidity Biosciences Stock Performance

RNA opened at $31.82 on Friday. The company has a market cap of $3.80 billion, a price-to-earnings ratio of -11.05 and a beta of 0.89. Avidity Biosciences, Inc. has a one year low of $8.49 and a one year high of $56.00. The business’s fifty day moving average is $42.38 and its two-hundred day moving average is $42.15.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. On average, analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RNA has been the topic of several analyst reports. 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. Royal Bank of Canada assumed coverage on Avidity Biosciences in a report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price objective on the stock. The Goldman Sachs Group began coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price for the company. Barclays initiated coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and a consensus target price of $64.36.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the third quarter valued at $27,000. Allspring Global Investments Holdings LLC acquired a new position in Avidity Biosciences in the 3rd quarter valued at about $30,000. Values First Advisors Inc. purchased a new position in Avidity Biosciences in the 3rd quarter valued at about $32,000. Quarry LP boosted its stake in shares of Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC grew its holdings in shares of Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after buying an additional 1,392 shares in the last quarter.

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.