Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $578,732.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the sale, the insider now owns 69,018 shares of the company’s stock, valued at $3,036,792. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Avidity Biosciences Stock Up 1.1 %

RNA opened at $44.00 on Wednesday. The stock’s 50 day moving average price is $43.71 and its two-hundred day moving average price is $34.61. The firm has a market capitalization of $4.21 billion, a P/E ratio of -14.92 and a beta of 0.89. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. The business had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. As a group, analysts anticipate that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research note on Tuesday. They issued a “buy” rating and a $59.00 target price for the company. Bank of America upped their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Barclays started coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has a consensus rating of “Buy” and a consensus price target of $60.75.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RNA. Quarry LP increased its position in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares during the period. Creative Planning increased its holdings in Avidity Biosciences by 45.1% in the 2nd quarter. Creative Planning now owns 13,487 shares of the biotechnology company’s stock valued at $551,000 after buying an additional 4,190 shares during the period. Algert Global LLC raised its stake in shares of Avidity Biosciences by 32.5% in the 2nd quarter. Algert Global LLC now owns 42,563 shares of the biotechnology company’s stock valued at $1,739,000 after buying an additional 10,443 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Avidity Biosciences by 18.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 272,762 shares of the biotechnology company’s stock worth $11,142,000 after acquiring an additional 42,636 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its position in shares of Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after acquiring an additional 707,773 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.