Avidity Biosciences (NASDAQ:RNA) Insider Sells $269,201.21 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Charles Calderaro III sold 3,727 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $72.23, for a total transaction of $269,201.21. Following the transaction, the insider directly owned 49,797 shares in the company, valued at approximately $3,596,837.31. The trade was a 6.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Avidity Biosciences Price Performance

Shares of RNA stock remained flat at $72.37 during trading on Friday. 1,122,166 shares of the stock traded hands, compared to its average volume of 2,547,569. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $72.61. The company has a market capitalization of $10.90 billion, a price-to-earnings ratio of -17.31 and a beta of 0.95. The firm’s 50-day moving average price is $71.36 and its two-hundred day moving average price is $52.43.

Avidity Biosciences (NASDAQ:RNA) last posted its 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 during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 420.8% compared to the same quarter last year. On average, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Roth Capital lowered shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price objective on the stock. in a report on Monday, October 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, October 8th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Cowen reissued a “hold” rating on shares of Avidity Biosciences in a research report on Wednesday, November 12th. Finally, TD Cowen cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating and dropped their price objective for the company from $78.00 to $74.00 in a report on Wednesday, October 29th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $69.57.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. AlphaQuest LLC raised its holdings in shares of Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares in the last quarter. CWM LLC raised its stake in Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 605 shares in the last quarter. Westside Investment Management Inc. purchased a new stake in Avidity Biosciences during the 2nd quarter worth about $29,000. Allworth Financial LP increased its holdings in shares of Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 159 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 1,099 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.