Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 25,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the completion of the transaction, the insider now owns 94,018 shares of the company’s stock, valued at $4,561,753.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00.

Avidity Biosciences Trading Down 0.9 %

Shares of RNA traded down $0.42 during trading hours on Thursday, reaching $48.52. The company had a trading volume of 634,878 shares, compared to its average volume of 1,345,143. The firm has a 50 day simple moving average of $44.12 and a 200-day simple moving average of $37.00. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -16.59 and a beta of 0.89. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $49.60.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. The business had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. Sell-side analysts forecast that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds have recently added to or reduced their stakes in RNA. Wellington Management Group LLP increased its holdings in Avidity Biosciences by 17.4% during the 4th quarter. Wellington Management Group LLP now owns 291,218 shares of the biotechnology company’s stock valued at $2,636,000 after acquiring an additional 43,147 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Avidity Biosciences by 2.5% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock worth $1,862,000 after purchasing an additional 1,777 shares during the last quarter. Privium Fund Management B.V. acquired a new stake in shares of Avidity Biosciences during the 1st quarter worth about $205,000. Janney Montgomery Scott LLC acquired a new stake in shares of Avidity Biosciences during the 1st quarter worth about $221,000. Finally, Swiss National Bank boosted its stake in shares of Avidity Biosciences by 20.5% during the 1st quarter. Swiss National Bank now owns 140,800 shares of the biotechnology company’s stock worth $3,593,000 after purchasing an additional 24,000 shares during the last quarter.

Wall Street Analysts Forecast Growth

RNA has been the subject of several recent analyst reports. Evercore ISI reduced their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Chardan Capital raised their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $60.75.

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.