Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 5,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at $678,175.90. The transaction was disclosed in a filing with the SEC, which is available at this link.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $44.48 on Friday. Avidity Biosciences, Inc. has a one year low of $4.82 and a one year high of $48.80. The company’s 50 day moving average price is $43.82 and its 200 day moving average price is $33.91. The firm has a market capitalization of $4.88 billion, a price-to-earnings ratio of -15.08 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted 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 for the quarter, compared to analyst estimates of $7.09 million. Sell-side analysts forecast that Avidity Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Quarry LP grew 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 acquiring an additional 1,700 shares in the last quarter. Quadrant Capital Group LLC grew its position 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 valued at $30,000 after acquiring an additional 2,714 shares in the last quarter. nVerses Capital LLC grew 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 acquiring an additional 700 shares in the last quarter. Amalgamated Bank grew 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 acquiring an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Avidity Biosciences by 32.4% in the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after acquiring an additional 1,076 shares in the last quarter.

Analyst Ratings Changes

A number of research firms have issued reports on RNA. Bank of America upped their target price on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Barclays started coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Evercore ISI cut their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Chardan Capital increased their price objective on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Tuesday, August 13th. Seven research 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 target price of $61.00.

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.