Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells $364,191.66 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 11,151 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $364,191.66. Following the transaction, the chief financial officer now owns 82,942 shares of the company’s stock, valued at $2,708,885.72. The trade was a 11.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Avidity Biosciences Price Performance

Shares of RNA opened at $31.82 on Friday. The firm has a market capitalization of $3.80 billion, a P/E ratio of -11.05 and a beta of 0.89. Avidity Biosciences, Inc. has a one year low of $8.49 and a one year high of $56.00. The business has a fifty day moving average of $42.38 and a 200 day moving average of $42.15.

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

Analysts Set New Price Targets

A number of research firms have weighed in on RNA. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Barclays began coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. Royal Bank of Canada started coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price objective on the stock. Chardan Capital reissued a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Evercore ISI lowered their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $64.36.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNA. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences during the 3rd quarter worth $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences in the 3rd quarter worth $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences in the 3rd quarter worth $32,000. Quarry LP lifted its position in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC grew its holdings in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares during the period.

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.