W. Michael Flanagan Sells 12,742 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 12,742 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $416,153.72. Following the transaction, the insider now owns 72,647 shares in the company, valued at $2,372,651.02. This trade represents a 14.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

W. Michael Flanagan also recently made the following trade(s):

• On Wednesday, December 11th, W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $31.82 on Friday. The stock’s fifty day moving average is $42.38 and its two-hundred day moving average is $42.15. 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 fifty-two week low of $8.49 and a fifty-two week high of $56.00.

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price for the company. Evercore ISI cut their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. HC Wainwright began coverage on Avidity Biosciences in a research report on Friday. They issued a “buy” rating and a $72.00 target price on the stock. TD Cowen lifted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Finally, Chardan Capital reissued a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $64.36.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently made changes to their positions in RNA. Assenagon Asset Management S.A. purchased a new stake in shares of Avidity Biosciences during the 2nd quarter valued at approximately $2,000,000. Nisa Investment Advisors LLC increased its stake in Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after acquiring an additional 1,076 shares during the last quarter. EFG Asset Management North America Corp. purchased a new stake in Avidity Biosciences in the second quarter valued at $1,227,000. Bank of New York Mellon Corp lifted its stake in shares of Avidity Biosciences by 46.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 363,953 shares of the biotechnology company’s stock valued at $14,867,000 after purchasing an additional 115,676 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Avidity Biosciences by 48.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,277 shares of the biotechnology company’s stock worth $910,000 after purchasing an additional 7,258 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.