Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 5,875 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares of the company’s stock, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Avidity Biosciences Trading Up 4.0 %

RNA stock traded up $1.34 during mid-day trading on Wednesday, reaching $34.68. The company’s stock had a trading volume of 1,267,367 shares, compared to its average volume of 1,346,171. The company has a market cap of $4.14 billion, a price-to-earnings ratio of -12.04 and a beta of 1.00. Avidity Biosciences, Inc. has a 12 month low of $11.47 and a 12 month high of $56.00. The business’s 50 day moving average price is $32.57 and its 200 day moving average price is $40.38.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million during the quarter, compared to analyst estimates 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 expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Avidity Biosciences

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

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.