Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 3,323 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 3,323 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at $624,639.60. This trade represents a 18.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Avidity Biosciences Trading Up 0.9 %

NASDAQ:RNA traded up $0.40 during mid-day trading on Wednesday, reaching $43.65. 675,384 shares of the stock were exchanged, compared to its average volume of 1,315,814. Avidity Biosciences, Inc. has a 1-year low of $5.68 and a 1-year high of $56.00. The business has a fifty day moving average price of $45.32 and a 200 day moving average price of $40.65. The firm has a market capitalization of $5.21 billion, a PE ratio of -15.16 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. On average, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.9 earnings per share for the current year.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky raised its stake in shares of Avidity Biosciences by 43.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 29,965 shares of the biotechnology company’s stock valued at $1,376,000 after acquiring an additional 9,098 shares during the last quarter. Neo Ivy Capital Management bought a new position in shares of Avidity Biosciences in the 3rd quarter valued at about $762,000. Geode Capital Management LLC boosted its stake in Avidity Biosciences by 14.6% in the third quarter. Geode Capital Management LLC now owns 2,585,303 shares of the biotechnology company’s stock valued at $118,767,000 after acquiring an additional 328,606 shares during the last quarter. Barclays PLC raised its position in shares of Avidity Biosciences by 68.5% during the 3rd quarter. Barclays PLC now owns 255,699 shares of the biotechnology company’s stock valued at $11,743,000 after acquiring an additional 103,905 shares during the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of Avidity Biosciences in the 3rd quarter valued at $535,000.

Analyst Ratings Changes

A number of analysts recently weighed in on RNA shares. The Goldman Sachs Group started coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Barclays assumed coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock. Chardan Capital reissued a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $63.22.

About Avidity Biosciences

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.