Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $163,501.25 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total transaction of $163,501.25. Following the transaction, the insider now owns 50,554 shares in the company, valued at $1,406,917.82. The trade was a 10.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Avidity Biosciences Trading Down 5.4 %

Shares of RNA opened at $26.57 on Friday. Avidity Biosciences, Inc. has a 1-year low of $22.24 and a 1-year high of $56.00. The firm’s 50-day moving average price is $31.35 and its 200-day moving average price is $36.70. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of -9.23 and a beta of 1.02.

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

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its stake in shares of Avidity Biosciences by 3.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock worth $321,127,000 after buying an additional 408,861 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after acquiring an additional 205,027 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after acquiring an additional 1,075,148 shares during the last quarter. Avoro Capital Advisors LLC increased its holdings in shares of Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock valued at $218,100,000 after acquiring an additional 625,000 shares in the last quarter. Finally, Janus Henderson Group PLC raised 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 worth $205,134,000 after purchasing an additional 2,156,844 shares during the last quarter.

Analysts Set New Price Targets

RNA has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Citigroup started 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. Scotiabank began coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 target price for the company. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, Bank of America decreased their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and an average target price 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.