Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $188,940.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $34.92 on Friday. The stock has a market capitalization of $4.17 billion, a P/E ratio of -12.13 and a beta of 1.00. The business has a 50-day moving average of $32.07 and a two-hundred day moving average of $40.23. Avidity Biosciences, Inc. has a fifty-two week low of $12.02 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analysts Set New Price Targets

RNA has been the subject of several analyst reports. TD Cowen upped 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 reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $65.80.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC acquired a new stake in shares of Avidity Biosciences during the second quarter worth approximately $492,000. Creative Planning grew its position in Avidity Biosciences by 45.1% during the 2nd quarter. Creative Planning now owns 13,487 shares of the biotechnology company’s stock worth $551,000 after acquiring an additional 4,190 shares during the last quarter. Teamwork Financial Advisors LLC acquired a new stake in Avidity Biosciences during the 3rd quarter valued at $322,000. Aaron Wealth Advisors LLC bought a new position in Avidity Biosciences in the 3rd quarter valued at $349,000. Finally, Raymond James & Associates boosted its stake in Avidity Biosciences by 2.0% in the third quarter. Raymond James & Associates now owns 156,763 shares of the biotechnology company’s stock worth $7,200,000 after purchasing an additional 3,131 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.