Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells 11,510 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 11,510 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $506,440.00. Following the completion of the transaction, the chief financial officer now owns 96,355 shares in the company, valued at $4,239,620. The transaction was disclosed in a filing with the SEC, which is available at this link.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA opened at $45.95 on Thursday. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $48.80. The stock has a 50-day simple moving average of $43.73 and a 200-day simple moving average of $34.69. The stock has a market capitalization of $4.39 billion, a P/E ratio of -15.58 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last issued its 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. The business had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. Analysts predict that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RNA. Evercore ISI reduced 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 note on Monday, August 26th. Barclays initiated coverage on Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Chardan Capital upped their target price on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Bank of America lifted their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a report on Tuesday. They set a “buy” rating and a $59.00 price objective on the stock. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences currently has an average rating of “Buy” and an average target price of $60.75.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP raised its holdings in shares of Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares during the period. nVerses Capital LLC lifted its position in shares of Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 700 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Avidity Biosciences by 39.0% in the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Avidity Biosciences by 32.4% in the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after purchasing an additional 1,076 shares during the period.

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.