Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce Sells 28,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 28,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total transaction of $715,120.00. Following the completion of the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at approximately $2,863,468.18. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Sarah Boyce also recently made the following trade(s):

• On Tuesday, March 12th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $22.63, for a total transaction of $633,640.00.
• On Friday, March 8th, Sarah Boyce sold 84,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $21.39, for a total transaction of $1,796,760.00.

Avidity Biosciences Stock Down 3.6 %

Shares of RNA opened at $25.39 on Wednesday. The stock has a market capitalization of $2.43 billion, a P/E ratio of -8.76 and a beta of 0.79. The firm has a fifty day simple moving average of $23.50 and a two-hundred day simple moving average of $14.18. Avidity Biosciences, Inc. has a twelve month low of $4.82 and a twelve month high of $27.66.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.54) by ($0.25). Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. The firm had revenue of $2.19 million for the quarter, compared to analysts’ expectations of $32.08 million. Sell-side analysts expect that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC lifted its position in shares of Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 3,180 shares during the period. Quadrant Capital Group LLC lifted its position in shares of Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 2,714 shares during the period. Privium Fund Management B.V. purchased a new stake in shares of Avidity Biosciences in the 1st quarter worth about $205,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Avidity Biosciences by 352.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock worth $78,000 after purchasing an additional 6,675 shares during the period. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Avidity Biosciences in the 1st quarter worth about $221,000.

Analyst Ratings Changes

Several research firms recently commented on RNA. Bank of America began coverage on shares of Avidity Biosciences in a report on Friday, May 3rd. They set a “buy” rating and a $40.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 target price on shares of Avidity Biosciences in a report on Thursday, April 11th. Chardan Capital reaffirmed a “buy” rating and set a $23.00 target price on shares of Avidity Biosciences in a report on Thursday, February 29th. Finally, Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a report on Thursday, March 14th. They set an “overweight” rating and a $60.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $36.86.

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.