Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells $364,191.66 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 11,151 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $364,191.66. Following the sale, the chief financial officer now owns 82,942 shares of the company’s stock, valued at approximately $2,708,885.72. This trade represents a 11.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Avidity Biosciences Trading Up 2.5 %

Shares of Avidity Biosciences stock opened at $31.82 on Friday. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of -11.05 and a beta of 0.89. Avidity Biosciences, Inc. has a twelve month low of $8.49 and a twelve month high of $56.00. The business’s 50 day simple moving average is $42.38 and its 200-day simple moving average is $42.15.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data 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 firm had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Trading of Avidity Biosciences

A number of large investors have recently modified their holdings of RNA. PEAK6 Investments LLC boosted its stake in Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 343 shares during the period. Arizona State Retirement System raised its holdings in shares of Avidity Biosciences by 2.1% during the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares during the last quarter. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences during the third quarter worth approximately $27,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences during the third quarter worth approximately $30,000. Finally, Values First Advisors Inc. bought a new position in Avidity Biosciences in the 3rd quarter worth approximately $32,000.

Analyst Ratings Changes

RNA has been the subject of a number of recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. Royal Bank of Canada began coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 target price for the company. Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Finally, TD Cowen increased their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus price target of $64.36.

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.