Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Kathleen P. Gallagher Sells 5,875 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the transaction, the insider now directly owns 50,554 shares in the company, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Avidity Biosciences Trading Down 0.5 %

RNA opened at $34.92 on Friday. The company has a fifty day moving average price of $32.07 and a two-hundred day moving average price of $40.23. Avidity Biosciences, Inc. has a 1-year low of $12.02 and a 1-year high of $56.00. The company has a market cap of $4.17 billion, a P/E ratio of -12.13 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data 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. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. On average, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of RNA. PEAK6 Investments LLC raised its position in Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after acquiring an additional 343 shares during the period. Aaron Wealth Advisors LLC raised its holdings in shares of Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after purchasing an additional 504 shares during the period. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences in the 3rd quarter worth approximately $27,000. New York State Common Retirement Fund lifted its stake in Avidity Biosciences by 0.3% in the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock valued at $5,374,000 after purchasing an additional 598 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the third quarter valued at $30,000.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RNA. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Chardan Capital reissued 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 company a “buy” rating in a research note on Monday, October 21st. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, HC Wainwright reissued a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Friday, January 10th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average 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.