Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells 30,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Tamar Thompson sold 30,000 shares of Avidity Biosciences stock in a transaction on Monday, October 7th. The stock was sold at an average price of $44.98, for a total transaction of $1,349,400.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded down $0.57 during trading on Wednesday, hitting $45.76. The company had a trading volume of 754,571 shares, compared to its average volume of 1,364,720. The stock has a market cap of $4.38 billion, a price-to-earnings ratio of -15.71 and a beta of 0.89. Avidity Biosciences, Inc. has a one year low of $4.82 and a one year high of $49.41. The company has a fifty day simple moving average of $43.72 and a two-hundred day simple moving average of $36.16.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 2,381.82% and a negative return on equity of 32.89%. On average, equities research analysts anticipate that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Bank of America raised their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Chardan Capital increased their target price on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Finally, Evercore ISI dropped their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $60.75.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP raised its stake 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 buying an additional 1,700 shares during the last quarter. 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 boosted its stake 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 acquiring an additional 982 shares during the period. Nisa Investment Advisors LLC raised its stake in Avidity Biosciences by 32.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after purchasing an additional 1,076 shares during the period. Finally, Xponance Inc. bought a new stake in Avidity Biosciences during the second quarter valued at about $262,000.

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.