Arthur A. Levin Sells 40,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 40,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $35.07, for a total transaction of $1,402,800.00. Following the completion of the transaction, the director now directly owns 213,872 shares in the company, valued at approximately $7,500,491.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded down $0.32 during mid-day trading on Friday, hitting $39.64. The company had a trading volume of 4,730,468 shares, compared to its average volume of 1,245,588. Avidity Biosciences, Inc. has a 12 month low of $4.82 and a 12 month high of $42.00. The firm has a market cap of $3.79 billion, a P/E ratio of -13.44 and a beta of 0.81. The business’s 50-day simple moving average is $27.05 and its 200-day simple moving average is $18.72.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) EPS for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.02. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. The company had revenue of $3.54 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -3.1 EPS for the current year.

Analysts Set New Price Targets

RNA has been the topic of a number of research analyst reports. Bank of America raised their target price on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday. Evercore ISI raised their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday. Chardan Capital lifted their price objective on Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday. Cantor Fitzgerald started coverage on Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a research report on Monday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and an average target price of $44.29.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RNA. State Board of Administration of Florida Retirement System raised its stake in Avidity Biosciences by 4.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock worth $541,000 after acquiring an additional 920 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Avidity Biosciences by 1.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company’s stock worth $546,000 after purchasing an additional 1,030 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of Avidity Biosciences by 2.5% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock worth $1,862,000 after purchasing an additional 1,777 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Avidity Biosciences by 11.2% during the 1st quarter. ProShare Advisors LLC now owns 18,878 shares of the biotechnology company’s stock valued at $482,000 after purchasing an additional 1,898 shares during the last quarter. Finally, Alps Advisors Inc. grew its stake in Avidity Biosciences by 5.1% during the third quarter. Alps Advisors Inc. now owns 54,730 shares of the biotechnology company’s stock worth $349,000 after buying an additional 2,674 shares during the last quarter.

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.