Sarah Boyce Sells 10,397 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 10,397 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $297,250.23. Following the completion of the sale, the chief executive officer now directly owns 337,411 shares of the company’s stock, valued at $9,646,580.49. The trade was a 2.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Wednesday, December 18th, Sarah Boyce sold 31,855 shares of Avidity Biosciences stock. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30.

Avidity Biosciences Price Performance

Shares of RNA opened at $29.67 on Friday. Avidity Biosciences, Inc. has a 1 year low of $10.27 and a 1 year high of $56.00. The company has a 50 day simple moving average of $34.13 and a two-hundred day simple moving average of $41.03. The firm has a market cap of $3.54 billion, a P/E ratio of -10.30 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) 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 company had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. On average, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds have recently made changes to their positions in RNA. FMR LLC increased its stake in Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after acquiring an additional 689,729 shares during the last quarter. Wellington Management Group LLP increased its position in Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after purchasing an additional 3,228,923 shares during the last quarter. RA Capital Management L.P. raised its stake in Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Janus Henderson Group PLC lifted its position in Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after purchasing an additional 1,239,323 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Avidity Biosciences by 41.7% in the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after buying an additional 1,386,087 shares in the last quarter.

Analyst Upgrades and Downgrades

RNA has been the subject of several recent research reports. TD Cowen boosted their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. 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. Chardan Capital reiterated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Friday, January 10th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target 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.