Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean Sells 7,935 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 7,935 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the completion of the transaction, the chief financial officer now owns 96,720 shares in the company, valued at approximately $3,004,123.20. The trade was a 7.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Avidity Biosciences Stock Up 0.0 %

Shares of RNA traded up $0.01 during mid-day trading on Friday, hitting $30.84. 1,849,399 shares of the company traded hands, compared to its average volume of 1,314,704. Avidity Biosciences, Inc. has a 1-year low of $21.56 and a 1-year high of $56.00. The company has a market capitalization of $3.71 billion, a PE ratio of -10.71 and a beta of 1.02. The business has a 50 day moving average of $31.08 and a 200 day moving average of $37.58.

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

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. National Bank of Canada FI acquired a new position in Avidity Biosciences in the 3rd quarter worth approximately $27,000. TD Waterhouse Canada Inc. increased its holdings in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares during the period. Van ECK Associates Corp acquired a new position in Avidity Biosciences in the 4th quarter worth approximately $38,000. Quest Partners LLC increased its holdings in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after buying an additional 1,392 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Avidity Biosciences in the 4th quarter worth approximately $60,000.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on RNA shares. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday. Finally, Citigroup started coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective for the company. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $66.69.

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.