Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $1,028,500.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $41.14, for a total value of $1,028,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at $3,867,900.52. This represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Teresa Mccarthy also recently made the following trade(s):

• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA opened at $43.25 on Friday. The business’s fifty day moving average price is $45.44 and its two-hundred day moving average price is $40.80. The stock has a market cap of $5.16 billion, a PE ratio of -15.02 and a beta of 0.91. Avidity Biosciences, Inc. has a one year low of $5.97 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC acquired a new stake in Avidity Biosciences during the first quarter worth approximately $221,000. Sei Investments Co. boosted its holdings in shares of Avidity Biosciences by 15.4% during the first quarter. Sei Investments Co. now owns 36,635 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 4,881 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Avidity Biosciences by 11.2% during the first quarter. ProShare Advisors LLC now owns 18,878 shares of the biotechnology company’s stock worth $482,000 after purchasing an additional 1,898 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in Avidity Biosciences by 4.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after purchasing an additional 920 shares during the last quarter. Finally, Avoro Capital Advisors LLC lifted its position in Avidity Biosciences by 132.1% during the first quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after buying an additional 3,315,000 shares during the period.

Analyst Ratings Changes

Several analysts recently commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. TD Cowen lifted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group started coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Finally, Evercore ISI lowered their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $63.22.

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.