Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce Sells 32,880 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 32,880 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the transaction, the chief executive officer now owns 234,663 shares in the company, valued at $10,325,172. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Tuesday, August 6th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00.
• On Tuesday, July 9th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $39.93, for a total transaction of $1,118,040.00.

Avidity Biosciences Trading Down 2.2 %

Avidity Biosciences stock traded down $0.98 during midday trading on Monday, reaching $43.50. 2,014,772 shares of the stock traded hands, compared to its average volume of 1,366,452. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $48.80. The firm has a market cap of $4.16 billion, a price-to-earnings ratio of -14.75 and a beta of 0.89. The firm has a fifty day moving average price of $43.81 and a two-hundred day moving average price of $34.29.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The business had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. Analysts anticipate that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Evercore ISI dropped their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. Bank of America upped their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Finally, Chardan Capital lifted their price target on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $61.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RNA. Quarry LP raised its stake in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. Quadrant Capital Group LLC grew its position in Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after buying an additional 2,714 shares in the last quarter. nVerses Capital LLC increased its stake in Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after buying an additional 700 shares during the period. Amalgamated Bank raised its position in shares of Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after buying an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Avidity Biosciences by 32.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after buying an additional 1,076 shares in the last quarter.

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.