Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells 11,510 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 11,510 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $506,440.00. Following the completion of the transaction, the chief financial officer now owns 96,355 shares of the company’s stock, valued at $4,239,620. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Avidity Biosciences Stock Performance

Avidity Biosciences stock traded down $0.98 during mid-day trading on Monday, reaching $43.50. The company’s stock had a trading volume of 2,014,772 shares, compared to its average volume of 1,366,452. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $48.80. The company has a market capitalization of $4.16 billion, a P/E ratio of -14.75 and a beta of 0.89. The firm’s fifty day moving average price is $43.81 and its two-hundred day moving average price is $34.29.

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

Analyst Upgrades and Downgrades

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

Institutional Trading of Avidity Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC lifted its holdings in Avidity Biosciences by 456.9% in the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after buying an additional 2,714 shares during the period. Quarry LP grew its holdings in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the period. nVerses Capital LLC increased its stake in shares of Avidity Biosciences by 25.9% during 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 in the last quarter. Amalgamated Bank lifted its holdings in shares of Avidity Biosciences by 39.0% during 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 last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of Avidity Biosciences by 32.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after purchasing an additional 1,076 shares in the last quarter.

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.