Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean Sells 7,935 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 7,935 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $246,461.10. Following the sale, the chief financial officer now owns 96,720 shares in the company, valued at approximately $3,004,123.20. This represents a 7.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Avidity Biosciences Price Performance

RNA stock opened at $30.84 on Friday. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02. The business’s fifty day moving average price is $31.11 and its two-hundred day moving average price is $37.49. Avidity Biosciences, Inc. has a fifty-two week low of $21.56 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Hedge Funds Weigh In On Avidity Biosciences

Large investors have recently bought and sold shares of the company. National Bank of Canada FI bought a new position in Avidity Biosciences in the third quarter valued at about $27,000. TD Waterhouse Canada Inc. raised its position in Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares during the last quarter. Van ECK Associates Corp bought a new position in Avidity Biosciences in the fourth quarter valued at about $38,000. Headlands Technologies LLC bought a new position in Avidity Biosciences in the fourth quarter valued at about $60,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of Avidity Biosciences during the fourth quarter worth about $73,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Scotiabank assumed coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective on the stock. BMO Capital Markets began coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective on the stock. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Citigroup began coverage on Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target on the stock. Finally, Bank of America dropped their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $66.69.

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.