Michael F. Maclean Sells 3,287 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $93,975.33. Following the transaction, the chief financial officer now owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This represents a 3.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock opened at $29.67 on Friday. The stock has a market capitalization of $3.54 billion, a P/E ratio of -10.30 and a beta of 0.99. The business has a 50 day simple moving average of $34.13 and a two-hundred day simple moving average of $41.03. Avidity Biosciences, Inc. has a 12 month low of $10.27 and a 12 month 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 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 company had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. As a group, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the business. National Bank of Canada FI acquired a new stake in Avidity Biosciences in the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences in the third quarter valued at approximately $30,000. Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences in the third quarter valued at approximately $32,000. Quarry LP lifted its position in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after buying an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC boosted its stake in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after buying an additional 1,392 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.