Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $979,632.40 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 31,540 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the transaction, the chief executive officer now directly owns 305,871 shares of the company’s stock, valued at $9,500,353.26. The trade was a 9.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Tuesday, January 21st, Sarah Boyce sold 10,397 shares of Avidity Biosciences stock. The shares were sold at an average price of $28.59, for a total value of $297,250.23.

Avidity Biosciences Stock Up 0.0 %

Avidity Biosciences stock traded up $0.01 during mid-day trading on Friday, hitting $30.84. The company had a trading volume of 1,849,399 shares, compared to its average volume of 1,314,704. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02. Avidity Biosciences, Inc. has a 1 year low of $21.56 and a 1 year high of $56.00. The business has a fifty day moving average of $31.08 and a 200 day moving average of $37.58.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Monday. Citigroup started coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price target for the company. Barclays lowered their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Scotiabank initiated coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Monday. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $66.69.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System raised its stake in shares of Avidity Biosciences by 9.2% during the 4th quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company’s stock worth $2,459,000 after buying an additional 7,148 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Avidity Biosciences during the 4th quarter worth about $4,722,000. GF Fund Management CO. LTD. purchased a new stake in Avidity Biosciences during the 4th quarter worth about $73,000. Neo Ivy Capital Management grew its holdings in Avidity Biosciences by 479.2% in the 4th quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company’s stock valued at $2,795,000 after buying an additional 79,524 shares during the period. Finally, Castleark Management LLC grew its holdings in Avidity Biosciences by 23.7% in the 4th quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company’s stock valued at $2,054,000 after buying an additional 13,510 shares during the period.

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.