Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells $364,191.66 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 11,151 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 transaction of $364,191.66. Following the completion of the transaction, the chief financial officer now directly owns 82,942 shares of the company’s stock, valued at approximately $2,708,885.72. This represents a 11.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Avidity Biosciences Stock Up 2.5 %

Shares of RNA stock opened at $31.82 on Friday. Avidity Biosciences, Inc. has a fifty-two week low of $8.49 and a fifty-two week high of $56.00. The firm’s 50 day moving average price is $42.38 and its two-hundred day moving average price is $42.15. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of -11.05 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating 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, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RNA has been the subject of several analyst reports. Chardan Capital reiterated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Royal Bank of Canada assumed coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price on the stock. HC Wainwright began coverage on Avidity Biosciences in a report on Friday. They issued a “buy” rating and a $72.00 price target for the company. Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $64.36.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC raised its holdings in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after buying an additional 689,729 shares during the period. Wellington Management Group LLP grew its position in Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after acquiring an additional 3,228,923 shares in the last quarter. Avoro Capital Advisors LLC grew its position in Avidity Biosciences by 11.7% in the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after acquiring an additional 680,000 shares in the last quarter. RA Capital Management L.P. lifted its position in shares of Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Avidity Biosciences by 33.9% in the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after purchasing an additional 1,239,323 shares during the period.

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.