Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 2,959 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 2,959 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the transaction, the insider now owns 104,908 shares of the company’s stock, valued at $2,999,319.72. This represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

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

• On Monday, December 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $33.26, for a total transaction of $831,500.00.
• 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.

Avidity Biosciences Stock Up 0.2 %

Shares of NASDAQ:RNA traded up $0.05 during midday trading on Thursday, hitting $30.13. The stock had a trading volume of 1,145,046 shares, compared to its average volume of 1,351,486. The business’s 50-day simple moving average is $34.38 and its 200-day simple moving average is $41.09. Avidity Biosciences, Inc. has a 12 month low of $10.12 and a 12 month high of $56.00. The company has a market cap of $3.59 billion, a P/E ratio of -10.46 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. As a group, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. TD Cowen increased their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. HC Wainwright restated a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research note on Friday, January 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday. Finally, Chardan Capital reissued a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $65.80.

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Lord Abbett & CO. LLC increased its holdings 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 worth $24,766,000 after acquiring an additional 124,867 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Avidity Biosciences by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after purchasing an additional 197,065 shares during the period. RA Capital Management L.P. increased its holdings in shares of Avidity Biosciences by 16.7% in the third 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 during the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after purchasing an additional 707,773 shares during the period. Finally, Darwin Global Management Ltd. acquired a new stake in shares of Avidity Biosciences during the 2nd quarter worth about $8,108,000.

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.