Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $84,597.81 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 2,959 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the sale, the insider now owns 104,908 shares of the company’s stock, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Monday, December 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $33.26, for a total transaction of $831,500.00.
• On Monday, November 18th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $41.14, for a total transaction of $1,028,500.00.

Avidity Biosciences Stock Down 1.5 %

Shares of NASDAQ RNA opened at $29.67 on Friday. The stock’s fifty day simple moving average is $34.13 and its 200 day simple moving average is $41.03. The stock has a market capitalization of $3.54 billion, a price-to-earnings ratio of -10.30 and a beta of 0.99. Avidity Biosciences, Inc. has a 52-week low of $10.27 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. As a group, analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently made changes to their positions in the company. FMR LLC raised its stake in 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 grew its holdings in shares of Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after buying an additional 3,228,923 shares in the last quarter. RA Capital Management L.P. raised its position in Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after buying an additional 900,000 shares during the period. Janus Henderson Group PLC lifted its stake in Avidity Biosciences by 33.9% in the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after acquiring an additional 1,239,323 shares in the last quarter. Finally, State Street Corp boosted its position in Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after acquiring an additional 1,386,087 shares during the period.

Wall Street Analysts Forecast Growth

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

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.