Arthur A. Levin Sells 1,872 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 1,872 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the sale, the director now directly owns 12,958 shares of the company’s stock, valued at $370,598.80. This represents a 12.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Avidity Biosciences Stock Up 0.2 %

Shares of RNA traded up $0.05 on Thursday, hitting $30.13. The company’s stock had a trading volume of 1,145,046 shares, compared to its average volume of 1,351,486. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of -10.46 and a beta of 0.99. The firm’s fifty day moving average price is $34.38 and its 200-day moving average price is $41.09. Avidity Biosciences, Inc. has a fifty-two week low of $10.12 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate 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 analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently made changes to their positions in the stock. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences during the 3rd quarter worth about $27,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences in the third quarter valued at $30,000. Values First Advisors Inc. acquired a new position in shares of Avidity Biosciences in the third quarter valued at $32,000. Quarry LP lifted its stake in shares of Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after buying an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC boosted its holdings in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after buying an additional 1,392 shares during the period.

Wall Street Analysts Forecast Growth

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

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.