Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $1,446,720.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 32,880 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the sale, the chief executive officer now owns 234,663 shares of the company’s stock, valued at $10,325,172. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Sarah Boyce also recently made the following trade(s):

• On Tuesday, August 6th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $43.35, for a total transaction of $1,213,800.00.
• On Tuesday, July 9th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $39.93, for a total transaction of $1,118,040.00.

Avidity Biosciences Stock Up 4.4 %

NASDAQ:RNA opened at $45.95 on Thursday. The company’s 50 day moving average is $43.73 and its 200-day moving average is $34.69. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of -15.58 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 released its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. Research analysts predict that Avidity Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Analyst Ratings Changes

RNA has been the topic of several research reports. Bank of America upped their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Chardan Capital increased their price objective on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Barclays began coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Finally, Evercore ISI cut their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $60.75.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its holdings in Avidity Biosciences by 7.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock valued at $189,592,000 after purchasing an additional 516,446 shares during the period. Avoro Capital Advisors LLC raised its position in shares of Avidity Biosciences by 11.7% during the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after buying an additional 680,000 shares during the last quarter. RA Capital Management L.P. lifted its stake in shares of Avidity Biosciences by 33.7% in the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock valued at $83,761,000 after buying an additional 827,647 shares during the period. Janus Henderson Group PLC grew its position in Avidity Biosciences by 4,661.3% during the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after buying an additional 1,216,730 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its stake in Avidity Biosciences by 2,263.7% during the second 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 during the period.

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.