Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells $228,650.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $678,175.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $44.48 on Monday. Avidity Biosciences, Inc. has a one year low of $4.82 and a one year high of $48.80. The company’s fifty day moving average price is $43.81 and its 200-day moving average price is $34.19. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of -15.08 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The business had revenue of $2.05 million for the quarter, compared to analysts’ expectations of $7.09 million. Equities research analysts expect that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RNA shares. Barclays assumed coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Evercore ISI decreased their price target 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. Bank of America boosted their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $61.00.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RNA. Price T Rowe Associates Inc. MD grew its holdings in Avidity Biosciences by 7.5% during 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 buying an additional 516,446 shares in the last quarter. Avoro Capital Advisors LLC grew its stake in 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 acquiring an additional 680,000 shares in the last quarter. RA Capital Management L.P. increased its holdings in Avidity Biosciences by 33.7% in the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock valued at $83,761,000 after acquiring an additional 827,647 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Avidity Biosciences by 4,661.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after purchasing an additional 1,216,730 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after purchasing an additional 707,773 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.