Avidity Biosciences (NASDAQ:RNA) Director Sells $127,367.10 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur Levin sold 1,758 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $127,367.10. Following the completion of the sale, the director owned 16,562 shares in the company, valued at $1,199,916.90. This represents a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Avidity Biosciences Stock Performance

Shares of RNA traded down $0.14 during trading hours on Friday, reaching $72.60. 1,217,440 shares of the company traded hands, compared to its average volume of 1,842,906. The stock’s fifty day moving average is $71.84 and its 200 day moving average is $55.43. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $72.74. The stock has a market cap of $10.94 billion, a P/E ratio of -17.37 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.22). The firm had revenue of $12.48 million for the quarter, compared to the consensus estimate of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The business’s revenue for the quarter was up 420.8% compared to the same quarter last year. On average, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Allworth Financial LP increased its stake in shares of Avidity Biosciences by 22.8% in the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 159 shares in the last quarter. Fort Point Capital Partners LLC grew its holdings in Avidity Biosciences by 0.6% during the 3rd quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock worth $1,363,000 after acquiring an additional 183 shares during the last quarter. GAMMA Investing LLC increased its position in Avidity Biosciences by 10.5% in the 4th quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock valued at $178,000 after acquiring an additional 234 shares in the last quarter. AlphaQuest LLC raised its stake in shares of Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 331 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Avidity Biosciences by 0.5% during the second quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock worth $2,563,000 after purchasing an additional 466 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Raymond James Financial lowered Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research note on Monday, October 27th. Evercore ISI set a $72.00 price objective on shares of Avidity Biosciences in a research note on Thursday, December 18th. Leerink Partners downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Finally, Needham & Company LLC lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price target for the company. in a research report on Monday, October 27th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $69.57.

About Avidity Biosciences

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.