Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells $246,461.10 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 7,935 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $246,461.10. Following the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at $3,004,123.20. This represents a 7.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Avidity Biosciences Trading Up 0.0 %

RNA traded up $0.01 during trading hours on Friday, hitting $30.84. The company’s stock had a trading volume of 1,849,399 shares, compared to its average volume of 1,314,704. The business’s 50-day moving average price is $31.08 and its 200-day moving average price is $37.58. Avidity Biosciences, Inc. has a 12 month low of $21.56 and a 12 month high of $56.00. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last posted 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). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. On average, analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RNA. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Monday. Barclays lowered their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. HC Wainwright reissued a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Monday. Scotiabank started coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Monday. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences has a consensus rating of “Buy” and a consensus price target of $66.69.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. National Bank of Canada FI bought a new position in Avidity Biosciences during the third quarter valued at $27,000. TD Waterhouse Canada Inc. increased its position in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 866 shares during the last quarter. Van ECK Associates Corp bought a new position in shares of Avidity Biosciences in the fourth quarter worth about $38,000. Quest Partners LLC grew its holdings in shares of Avidity Biosciences by 217.8% in the third 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 last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Avidity Biosciences in the fourth quarter worth about $60,000.

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.