Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells $233,150.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $46.63, for a total value of $233,150.00. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at $691,522.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Avidity Biosciences Trading Down 0.1 %

Shares of RNA stock opened at $45.11 on Friday. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $50.78. The business’s 50 day moving average is $44.47 and its two-hundred day moving average is $37.96. The company has a market capitalization of $4.95 billion, a P/E ratio of -15.34 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. The firm had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. On average, research analysts predict that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in Avidity Biosciences in the 3rd quarter valued at about $30,000. Values First Advisors Inc. acquired a new position in shares of Avidity Biosciences during the third quarter valued at approximately $32,000. Quarry LP lifted its position in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 1,700 shares in the last quarter. nVerses Capital LLC boosted its stake in shares of Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 700 shares during the last quarter. Finally, Amalgamated Bank increased its position in shares of Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 982 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. Barclays started coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price for the company. Chardan Capital increased their price target on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Evercore ISI decreased their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and a consensus target price of $62.67.

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.