Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells 31,540 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the sale, the chief executive officer now owns 305,871 shares of the company’s stock, valued at $9,500,353.26. The trade was a 9.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Sarah Boyce also recently made the following trade(s):

• On Tuesday, January 21st, Sarah Boyce sold 10,397 shares of Avidity Biosciences stock. The shares were sold at an average price of $28.59, for a total value of $297,250.23.

Avidity Biosciences Trading Up 0.0 %

Avidity Biosciences stock traded up $0.01 during trading hours on Friday, reaching $30.84. 1,849,399 shares of the company were exchanged, compared to its average volume of 1,314,704. Avidity Biosciences, Inc. has a 12 month low of $21.56 and a 12 month high of $56.00. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02. The stock has a 50-day moving average of $31.08 and a 200 day moving average of $37.58.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The business had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RNA. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Monday. BMO Capital Markets initiated coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target for the company. Scotiabank began coverage on Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, Citigroup initiated coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $66.69.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences during the 3rd quarter worth approximately $27,000. TD Waterhouse Canada Inc. grew its stake in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 866 shares during the period. Van ECK Associates Corp acquired a new stake in Avidity Biosciences in the fourth quarter valued at approximately $38,000. Quest Partners LLC lifted its holdings in shares of Avidity Biosciences by 217.8% in 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 in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Avidity Biosciences in the fourth quarter worth $60,000.

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.