Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $297,250.23 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 10,397 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $297,250.23. Following the completion of the transaction, the chief executive officer now directly owns 337,411 shares in the company, valued at $9,646,580.49. The trade was a 2.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Sarah Boyce also recently made the following trade(s):

• On Wednesday, December 18th, Sarah Boyce sold 31,855 shares of Avidity Biosciences stock. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $29.67 on Friday. The business’s 50 day simple moving average is $34.13 and its 200 day simple moving average is $41.03. Avidity Biosciences, Inc. has a 52-week low of $10.27 and a 52-week high of $56.00. The firm has a market cap of $3.54 billion, a PE ratio of -10.30 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analyst Upgrades and Downgrades

RNA has been the topic of a number of research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed 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 presently has a consensus rating of “Buy” and a consensus price target of $65.80.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RNA. National Bank of Canada FI bought a new position in Avidity Biosciences in the third quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences in the third quarter valued at approximately $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences in the third quarter valued at approximately $32,000. Quarry LP grew its stake 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 stake 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.

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.