Teresa Mccarthy Sells 20,000 Shares of Avidity Biosciences (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $50.15, for a total value of $1,003,000.00. Following the completion of the sale, the insider directly owned 97,130 shares in the company, valued at $4,871,069.50. The trade was a 17.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Teresa Mccarthy also recently made the following trade(s):

• On Friday, August 15th, Teresa Mccarthy sold 10,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $46.56, for a total value of $465,600.00.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $47.89 on Friday. The stock has a market cap of $6.99 billion, a P/E ratio of -13.45 and a beta of 0.97. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The stock has a 50 day simple moving average of $45.60 and a two-hundred day simple moving average of $36.18.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in Avidity Biosciences by 291.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company’s stock valued at $492,000 after purchasing an additional 11,594 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Avidity Biosciences by 7.1% during the first quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company’s stock valued at $4,864,000 after buying an additional 10,973 shares during the last quarter. Amalgamated Bank grew its holdings in shares of Avidity Biosciences by 12.0% during the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock valued at $116,000 after buying an additional 418 shares during the last quarter. Mirador Capital Partners LP increased its position in shares of Avidity Biosciences by 46.8% during the second quarter. Mirador Capital Partners LP now owns 41,389 shares of the biotechnology company’s stock valued at $1,175,000 after acquiring an additional 13,189 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in Avidity Biosciences by 47.3% in the 1st quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company’s stock worth $8,038,000 after acquiring an additional 87,468 shares during the last quarter.

Analysts Set New Price Targets

RNA has been the topic of several recent analyst reports. Needham & Company LLC lifted their price target on shares of Avidity Biosciences from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Wells Fargo & Company raised their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, October 8th. Sanford C. Bernstein initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They issued an “outperform” rating and a $50.00 price target for the company. Finally, Chardan Capital restated a “buy” rating and issued a $75.00 price objective on shares of Avidity Biosciences in a report on Wednesday, September 10th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.32.

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.