Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells 3,287 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNAGet Free Report) CFO Michael F. Maclean sold 3,287 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the sale, the chief financial officer now owns 104,655 shares in the company, valued at $2,992,086.45. This represents a 3.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $29.67 on Friday. Avidity Biosciences, Inc. has a 1 year low of $10.27 and a 1 year high of $56.00. The stock’s 50 day simple moving average is $34.13 and its two-hundred day simple moving average is $41.03.

Avidity Biosciences (NASDAQ:RNAGet Free Report) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. National Bank of Canada FI bought a new position in shares of Avidity Biosciences during the third quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences in the third quarter worth approximately $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences in the third quarter worth approximately $32,000. Quarry LP grew its stake in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC grew its stake in 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 in the last quarter.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RNA. TD Cowen boosted their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Chardan Capital reiterated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and an average target price of $65.80.

View Our Latest Research Report on Avidity Biosciences

About Avidity Biosciences

(Get Free Report)

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.

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Insider Buying and Selling by Quarter for Avidity Biosciences (NASDAQ:RNA)

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