Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 5,875 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $35.11 on Friday. The company has a 50 day moving average price of $32.24 and a 200-day moving average price of $40.31. Avidity Biosciences, Inc. has a 1-year low of $12.02 and a 1-year high of $56.00. The firm has a market cap of $4.19 billion, a price-to-earnings ratio of -12.19 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. On average, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RNA has been the topic of several recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. TD Cowen upped their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. HC Wainwright reissued a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Friday, January 10th. Finally, Chardan Capital restated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average target price of $65.80.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new position in Avidity Biosciences during the fourth quarter worth approximately $5,784,000. Arizona State Retirement System raised its stake in shares of Avidity Biosciences by 12.2% during the 4th quarter. Arizona State Retirement System now owns 25,737 shares of the biotechnology company’s stock worth $748,000 after buying an additional 2,805 shares during the period. Aigen Investment Management LP purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at approximately $473,000. Proficio Capital Partners LLC purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at approximately $1,758,000. Finally, Victory Capital Management Inc. grew its stake in Avidity Biosciences by 15.4% in the 4th quarter. Victory Capital Management Inc. now owns 38,308 shares of the biotechnology company’s stock valued at $1,114,000 after acquiring an additional 5,124 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.