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

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 3,287 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the sale, the chief financial officer now owns 104,655 shares in the company, valued at $2,992,086.45. The trade was a 3.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Avidity Biosciences Price Performance

RNA opened at $30.13 on Friday. The firm has a 50 day moving average price of $34.38 and a 200-day moving average price of $41.09. Avidity Biosciences, Inc. has a twelve month low of $10.12 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results 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. The business had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Trading of Avidity Biosciences

Several large investors have recently modified their holdings of the company. FMR LLC grew its stake in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after purchasing an additional 689,729 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after buying an additional 3,228,923 shares during the last quarter. RA Capital Management L.P. boosted its holdings in shares of Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after buying an additional 900,000 shares during the last quarter. Janus Henderson Group PLC grew its position in Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after buying an additional 1,239,323 shares during the period. Finally, State Street Corp increased its holdings in Avidity Biosciences by 41.7% during the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after buying an additional 1,386,087 shares during the last quarter.

Analysts Set New Price Targets

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

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.