Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Teresa Mccarthy Sells 13,153 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 13,153 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the transaction, the insider now owns 69,018 shares in the company, valued at approximately $3,036,792. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA traded down $0.98 on Monday, hitting $43.50. 2,014,772 shares of the company’s stock were exchanged, compared to its average volume of 1,366,452. The company has a market capitalization of $4.16 billion, a PE ratio of -14.75 and a beta of 0.89. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $48.80. The firm’s 50-day moving average is $43.81 and its 200 day moving average is $34.29.

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

Hedge Funds Weigh In On Avidity Biosciences

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on RNA. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Chardan Capital lifted their price target on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, Bank of America lifted their price target on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $61.00.

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.