Sarah Boyce Sells 31,540 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 31,540 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the transaction, the chief executive officer now owns 305,871 shares in the company, valued at $9,500,353.26. The trade was a 9.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Tuesday, January 21st, Sarah Boyce sold 10,397 shares of Avidity Biosciences stock. The stock was sold at an average price of $28.59, for a total value of $297,250.23.

Avidity Biosciences Stock Performance

Shares of RNA opened at $30.84 on Friday. Avidity Biosciences, Inc. has a 52-week low of $21.56 and a 52-week high of $56.00. The business’s 50 day moving average price is $31.11 and its two-hundred day moving average price is $37.47. The firm has a market cap of $3.71 billion, a PE ratio of -10.71 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). 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 $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. National Bank of Canada FI purchased a new stake in Avidity Biosciences during the 3rd quarter worth about $27,000. TD Waterhouse Canada Inc. grew its position in Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 866 shares during the last quarter. Van ECK Associates Corp bought a new position in Avidity Biosciences during the 4th quarter worth approximately $38,000. Headlands Technologies LLC bought a new position in Avidity Biosciences during the 4th quarter worth approximately $60,000. Finally, GF Fund Management CO. LTD. bought a new position in Avidity Biosciences during the 4th quarter worth approximately $73,000.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Citigroup started coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Bank of America decreased their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Finally, BMO Capital Markets started coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price on the stock. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently 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.