Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells 5,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at $691,522.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Avidity Biosciences Trading Down 4.2 %

NASDAQ RNA traded down $1.98 during trading hours on Wednesday, hitting $45.40. The company’s stock had a trading volume of 793,114 shares, compared to its average volume of 1,336,760. The company has a market capitalization of $4.98 billion, a PE ratio of -15.77 and a beta of 0.89. Avidity Biosciences, Inc. has a 52 week low of $4.82 and a 52 week high of $50.78. The company’s 50-day simple moving average is $44.42 and its two-hundred day simple moving average is $37.72.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. Research analysts anticipate that Avidity Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RNA. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences in the third quarter worth about $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences during the third quarter valued at $32,000. Quarry LP increased 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 worth $82,000 after buying an additional 1,700 shares during the last quarter. nVerses Capital LLC lifted its position in shares of Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after buying an additional 700 shares during the last quarter. Finally, Amalgamated Bank grew its stake in shares of Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after acquiring an additional 982 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RNA shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Evercore ISI lowered their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. The Goldman Sachs Group began coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Finally, Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $62.67.

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.