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

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $45.01, for a total transaction of $225,050.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at approximately $667,498.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded down $0.34 during mid-day trading on Tuesday, hitting $45.96. The company’s stock had a trading volume of 1,090,305 shares, compared to its average volume of 1,338,734. The company’s fifty day simple moving average is $35.48 and its 200-day simple moving average is $24.86. Avidity Biosciences, Inc. has a one year low of $4.82 and a one year high of $47.05. The stock has a market cap of $4.40 billion, a price-to-earnings ratio of -15.77 and a beta of 0.90.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.02. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. The business had revenue of $3.54 million for the quarter, compared to analyst estimates of $7.09 million. On average, sell-side analysts predict that Avidity Biosciences, Inc. will post -3.15 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RNA. Wellington Management Group LLP lifted its stake in Avidity Biosciences by 5.5% in the third quarter. Wellington Management Group LLP now owns 248,071 shares of the biotechnology company’s stock valued at $1,583,000 after buying an additional 12,835 shares in the last quarter. Vanguard Group Inc. lifted its stake in Avidity Biosciences by 1.2% in the third quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock valued at $25,612,000 after buying an additional 47,305 shares in the last quarter. SG Americas Securities LLC bought a new position in Avidity Biosciences in the fourth quarter valued at approximately $377,000. Raymond James & Associates lifted its stake in Avidity Biosciences by 39.3% in the fourth quarter. Raymond James & Associates now owns 129,921 shares of the biotechnology company’s stock valued at $1,176,000 after buying an additional 36,666 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in Avidity Biosciences by 149.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company’s stock valued at $784,000 after buying an additional 51,839 shares in the last quarter.

Wall Street Analyst Weigh In

RNA has been the topic of a number of research analyst reports. Bank of America increased their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Evercore ISI increased their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, June 12th. Chardan Capital increased their price objective on shares of Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a report on Monday, June 10th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and a consensus target price of $44.29.

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.