Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells $225,050.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $45.01, for a total transaction of $225,050.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $667,498.30. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $44.72 on Friday. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $47.05. The firm has a 50 day moving average price of $36.44 and a 200 day moving average price of $25.38. The company has a market capitalization of $4.28 billion, a PE ratio of -15.16 and a beta of 0.90.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.02. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. The firm had revenue of $3.54 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, equities research analysts forecast that Avidity Biosciences, Inc. will post -3.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on RNA shares. Bank of America increased their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a research note on Monday, June 10th. Chardan Capital raised their price target on shares of Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Finally, Evercore ISI raised their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, June 12th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $44.29.

Institutional Trading of Avidity Biosciences

Several institutional investors have recently added to or reduced their stakes in the stock. Avoro Capital Advisors LLC grew its stake in shares of Avidity Biosciences by 132.1% in the first quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after acquiring an additional 3,315,000 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after acquiring an additional 1,216,730 shares in the last quarter. RA Capital Management L.P. grew 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 worth $83,761,000 after acquiring an additional 827,647 shares in the last quarter. Farallon Capital Management LLC acquired a new position in shares of Avidity Biosciences in the first quarter worth $15,467,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Avidity Biosciences by 7.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after acquiring an additional 516,446 shares in 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.