W. Michael Flanagan Sells 24,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 24,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total value of $858,480.00. Following the transaction, the insider now directly owns 85,389 shares in the company, valued at approximately $3,054,364.53. This trade represents a 21.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Avidity Biosciences Trading Down 3.8 %

NASDAQ RNA opened at $32.49 on Friday. The company has a market cap of $3.88 billion, a price-to-earnings ratio of -11.28 and a beta of 0.89. The company has a 50 day moving average of $43.72 and a 200-day moving average of $42.08. Avidity Biosciences, Inc. has a 1-year low of $7.79 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of RNA. FMR LLC increased its holdings in Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after buying an additional 689,729 shares during the period. Wellington Management Group LLP boosted its position in shares of Avidity Biosciences by 84.9% during the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after acquiring an additional 3,228,923 shares in the last quarter. Avoro Capital Advisors LLC increased its stake in Avidity Biosciences by 11.7% in 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 acquiring an additional 680,000 shares during the last quarter. RA Capital Management L.P. raised its position in Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after purchasing an additional 1,239,323 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RNA. TD Cowen lifted their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Evercore ISI dropped their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Royal Bank of Canada began coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price for the company. Finally, The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $63.60.

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.