Steven George Hughes Sells 9,578 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Steven George Hughes sold 9,578 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the sale, the insider now directly owns 72,850 shares in the company, valued at $2,262,721. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Avidity Biosciences Stock Up 0.0 %

Avidity Biosciences stock opened at $30.84 on Friday. The business has a fifty day moving average of $31.11 and a two-hundred day moving average of $37.49. The firm has a market cap of $3.71 billion, a P/E ratio of -10.71 and a beta of 1.02. Avidity Biosciences, Inc. has a twelve month low of $21.56 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently made changes to their positions in RNA. Wellington Management Group LLP increased its position in shares of Avidity Biosciences by 84.9% in 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 acquiring an additional 3,228,923 shares during the period. Janus Henderson Group PLC increased its position in shares of Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after acquiring an additional 2,156,844 shares during the period. Boxer Capital Management LLC acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at $50,232,000. State Street Corp increased its position 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 valued at $216,151,000 after acquiring an additional 1,386,087 shares during the period. Finally, RA Capital Management L.P. increased its position in shares of Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after acquiring an additional 900,000 shares during the period.

Analyst Upgrades and Downgrades

RNA has been the topic of several analyst reports. Citigroup initiated coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective on the stock. Barclays reduced their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. BMO Capital Markets started coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Finally, HC Wainwright restated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $66.69.

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.