Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Teresa Mccarthy Sells 25,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction on Monday, November 18th. The shares were sold at an average price of $41.14, for a total value of $1,028,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at $3,867,900.52. This trade represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Teresa Mccarthy also recently made the following trade(s):

• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $43.65 on Thursday. The business has a 50-day moving average of $45.39 and a two-hundred day moving average of $40.67. Avidity Biosciences, Inc. has a 1 year low of $5.68 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The business 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, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Institutional Trading of Avidity Biosciences

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on RNA. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. Chardan Capital reiterated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Evercore ISI dropped their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Finally, TD Cowen raised their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $63.22.

About Avidity Biosciences

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.