Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 25,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $33.26, for a total transaction of $831,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares in the company, valued at $3,127,038.68. This represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Teresa Mccarthy also recently made the following trade(s):

• On Monday, November 18th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $41.14, for a total transaction of $1,028,500.00.
• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The shares were sold at an average price of $44.00, for a total value of $578,732.00.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $30.70 on Thursday. The business has a 50 day simple moving average of $42.93 and a 200 day simple moving average of $42.19. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of -10.66 and a beta of 0.89. Avidity Biosciences, Inc. has a 12-month low of $8.37 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly 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 company had revenue of $2.34 million for 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%. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences during the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the third quarter valued at about $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences during the third quarter worth about $32,000. Quarry LP raised its position in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC raised its position in Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RNA shares. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Evercore ISI dropped their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Finally, TD Cowen boosted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and an average target price of $63.60.

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.