Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 9,578 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Steven George Hughes sold 9,578 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the sale, the insider now owns 72,850 shares of the company’s stock, valued at $2,262,721. This trade represents a 11.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Avidity Biosciences Stock Performance

Avidity Biosciences stock traded up $0.01 during mid-day trading on Friday, hitting $30.84. 1,849,399 shares of the company traded hands, compared to its average volume of 1,314,704. Avidity Biosciences, Inc. has a one year low of $21.56 and a one year high of $56.00. The stock 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 fifty day moving average price of $31.08 and a 200-day moving average price of $37.58.

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RNA shares. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Monday. Bank of America decreased their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Citigroup started coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Scotiabank initiated coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective for the company. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has an average rating of “Buy” and a consensus target price of $66.69.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences during the third quarter worth approximately $27,000. TD Waterhouse Canada Inc. raised its stake in shares of 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 acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the fourth quarter worth approximately $38,000. Quest Partners LLC raised its stake in shares of Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Avidity Biosciences during the fourth quarter worth approximately $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.