Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells $225,950.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the sale, the director now owns 14,830 shares in the company, valued at approximately $670,167.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Avidity Biosciences Stock Performance

Shares of RNA traded up $0.15 during midday trading on Wednesday, hitting $45.02. 1,584,050 shares of the stock traded hands, compared to its average volume of 1,329,024. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $48.80. The firm has a market capitalization of $4.31 billion, a PE ratio of -15.02 and a beta of 0.90. The business’s 50 day moving average price is $42.48 and its two-hundred day moving average price is $29.80.

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 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 business had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Bank of America lifted their price target on shares of 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 lifted their price target on shares of Avidity Biosciences from $45.00 to $54.00 and gave the stock an “outperform” rating in a research note on Monday, August 12th. Chardan Capital lifted their price target on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Six 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 $54.83.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of RNA. Nisa Investment Advisors LLC raised its position in Avidity Biosciences by 15,900.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 3,180 shares in the last quarter. Mutual of America Capital Management LLC increased its holdings in shares of Avidity Biosciences by 11.4% in the 4th quarter. Mutual of America Capital Management LLC now owns 149,202 shares of the biotechnology company’s stock valued at $1,350,000 after purchasing an additional 15,245 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Avidity Biosciences by 43.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock valued at $95,000 after purchasing an additional 3,182 shares during the period. J.W. Cole Advisors Inc. acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at about $283,000. Finally, abrdn plc bought a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $1,171,000.

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.