Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $858,480.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 24,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total transaction of $858,480.00. Following the transaction, the insider now directly owns 85,389 shares of the company’s stock, valued at approximately $3,054,364.53. This represents a 21.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Avidity Biosciences Stock Performance

RNA stock opened at $32.49 on Monday. The firm has a market cap of $3.88 billion, a P/E ratio of -11.28 and a beta of 0.89. Avidity Biosciences, Inc. has a 1 year low of $7.79 and a 1 year high of $56.00. The stock has a 50-day simple moving average of $43.72 and a 200-day simple moving average of $42.19.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analysts Set New Price Targets

RNA has been the subject of several research analyst reports. Evercore ISI dropped their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. TD Cowen raised their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $63.60.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently added to or reduced their stakes in the company. PEAK6 Investments LLC grew its stake in Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 343 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the third quarter worth approximately $27,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences in the third quarter worth $30,000. Finally, Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences in the third quarter worth $32,000.

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.