Avidity Biosciences (NASDAQ:RNA) Insider Sells $473,388.30 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 6,534 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $473,388.30. Following the completion of the transaction, the insider directly owned 85,093 shares in the company, valued at approximately $6,164,987.85. This represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Wednesday, January 7th, W. Michael Flanagan sold 2,373 shares of Avidity Biosciences stock. The stock was sold at an average price of $72.23, for a total value of $171,401.79.

Avidity Biosciences Stock Down 0.2%

Shares of Avidity Biosciences stock traded down $0.14 during trading on Friday, reaching $72.60. The company’s stock had a trading volume of 1,217,440 shares, compared to its average volume of 1,842,906. The business’s 50-day moving average price is $71.84 and its 200-day moving average price is $55.43. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $72.74. The firm has a market cap of $10.94 billion, a PE ratio of -17.37 and a beta of 0.95.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RNA. HC Wainwright cut Avidity Biosciences from a “buy” rating to a “neutral” rating and cut their price target for the company from $87.00 to $72.00 in a research note on Monday, October 27th. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Raymond James Financial downgraded Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research note on Monday, October 27th. Sanford C. Bernstein cut shares of Avidity Biosciences from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $52.00 to $72.00 in a research report on Monday, October 27th. Finally, Evercore ISI set a $72.00 target price on shares of Avidity Biosciences in a report on Thursday, December 18th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $69.57.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Avidity Biosciences by 4.8% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,316 shares of the biotechnology company’s stock worth $463,000 after acquiring an additional 746 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Avidity Biosciences by 157.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock valued at $2,001,000 after purchasing an additional 28,055 shares during the last quarter. Norges Bank bought a new stake in shares of Avidity Biosciences during the 2nd quarter valued at approximately $28,261,000. KLP Kapitalforvaltning AS increased its position in Avidity Biosciences by 19.5% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 19,000 shares of the biotechnology company’s stock worth $540,000 after purchasing an additional 3,100 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Avidity Biosciences by 31.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 580,275 shares of the biotechnology company’s stock worth $16,480,000 after purchasing an additional 139,473 shares in the last quarter.

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.