Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $1,040,384.30 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 31,855 shares of Avidity Biosciences stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the sale, the chief executive officer now directly owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Sarah Boyce also recently made the following trade(s):

• On Monday, September 23rd, Sarah Boyce sold 32,880 shares of Avidity Biosciences stock. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00.

Avidity Biosciences Stock Up 2.5 %

NASDAQ RNA opened at $31.82 on Friday. Avidity Biosciences, Inc. has a fifty-two week low of $8.49 and a fifty-two week high of $56.00. The business has a 50 day moving average price of $42.38 and a two-hundred day moving average price of $42.15. The stock has a market cap of $3.80 billion, a PE ratio of -11.05 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RNA. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Royal Bank of Canada began coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price objective for the company. HC Wainwright initiated coverage on Avidity Biosciences in a research report on Friday. They issued a “buy” rating and a $72.00 target price on the stock. Finally, Evercore ISI reduced their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $64.36.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC boosted its stake in shares of Avidity Biosciences by 30.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock valued at $24,766,000 after buying an additional 124,867 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Avidity Biosciences by 24.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after acquiring an additional 197,065 shares in the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after purchasing an additional 707,773 shares during the last quarter. RA Capital Management L.P. raised its stake 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 purchasing an additional 900,000 shares in the last quarter. Finally, Sofinnova Investments Inc. bought a new position in shares of Avidity Biosciences during the second quarter worth about $875,000.

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.